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.
billows bellows blows bills blowsy belows bullous bilious billies balls bowls biles boils bolls bails bulls bolos bells blaws bialis bialys blowzy bylaws ballsy belles blousy blouse ballies boulles bullies bailees bellies baileys bowless bialies bailies bels bals boles bliss buhls balsa bolas blahs balas bolus bless bales blase blues baals bawls belays belies bluesy blueys boules boylas bullace
allows hollows gallows fallows willows sallows tallows fellows bellows yellows mallows pillows mellows hallows wallows follows shallows billows lows slows halloes blows halloos phyllos hilloes flows villous belows fillos helloes alloys lowse hullos gallous niellos callose hellos lilos plows hulloes holloos hallos jellos villose hollos hilloas hillos halloas duellos holloas hulloas callous hulloos felloes glows bullous holloes cellos blowsy
billow billowy bill bellow billie billy