I've taken a list of English words, and examined each of them to see what they sound like (using the PHP metaphone function). This page lists the most common metaphone codes, along with their words. You can also search for a word of your own, and see which words sound similar - and which ones rhyme, and which ones alliterate.
balsa bals baals bales balls bawls bails balas ballsy bialys bialis baileys bailies bels bialies ballies bailees blahs bells bliss bolus bolls bulls biles blows blues bolas boils boles buhls bills blase bless bowls bolos blaws blouse belles boules belies belows boylas blowsy blousy bylaws blueys belays bluesy bellies bellows billows boulles bowless bullies bullous bilious billies boughless
balsa salsa als also calesa koalas aals hauls galas halls fails ales males phials alls coalas pawls galls hails miauls false veals mauls vales pals pales reales bialis alas rails sials talls sheals shauls talas wheals weals dials wauls wales teals awls ails gaols nalas rials taels lalls dals calos seals dahls sales kails baals bialys pails sauls bales malls duals halos dales wails balls tales shales balas wawls heals goals vails jouals bals coals bails peals vials rales palsy bawls shoals jails reals nails meals mails cauls quails palls gals falls valse foals calls kales shawls sails sals gales hales zeals deals tails talus walls whales yawls
bal baal bail bailee bailey bailie bale ball bally bawl biali bialy