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.
bellies belies belles bullies billies ballies bells bels boulles bailies bellows bialies bless blues biles bliss boles balls bulls bills bolls bales bluesy bialis ballsy belays boules belows bowless bullace billows bailees bullous bilious bals balas bowls bolas balsa bawls blows blahs baals bails bolus buhls bolos blaws boils boughless bialys blousy blowsy blueys boylas bylaws baileys
ballies challies billies dallies sallies collies fellies tellies dollies fillies gullies willies bellies nellies hollies sullies mollies killies gillies allies chillies wallies cullies dillies wellies dellies bullies rallies woollies kellies ghillies gallies lollies tallies jellies jollies sillies follies lies dalles challis volleys halloes goalies lieus tailless doilies muhlies soilless relies tulles wheelies belies colies belles rouilles callees plies molies malleus bailies galleys coalless dailies helloes toolless failles allees sailless mealies goalless polies mulleys heelless doylies chilies holies alleys milles ghoulies pulleys hulloes follis tuilles bialies coolies hilloes mallees soulless tallis felloes mealless cullis tailles rilles keelless valleys lilies milieus mailless walies flies pollees doolies gulleys filles quillais folles holloes selles boulles woolies wheelless chillis les lis
bell belie belle bellow belly billie abelia obeli obelia bel