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.
bloat blat blot bleat blate ballot blotty balata blotto belt bullate bailout bolt blet blade blood bluet blite built belaud ballad billet ballet blight bloody belady boleti bolete bullet ballade ballute blighty bald bled bold
bloat float gloat lot lat cloot sellout gelato clot gallate gelati helot collate loot glout galoot plot pleat reload gelate plait slate reallot cleat plate slat cholate chalot dilate dealate zlote solate slaty relate galliot rollout load pullout flota galiot pelota palate malate clout platy blat folate fellate fallout alate blate violate blot balata bleat bullate bailout late latu flout floaty lota lout flat allot hallot ballot pilot lati payload plat vallate maillot elate loti velate zealot maloti zloty delate galloot challot chelate slot shallot
belay below blae blah blaw blooey blooie blow blowy bola bolo bylaw