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.
built build bullet billet bolt bullate blet blat bailout belt blot bleat bield bluet blite blate bloat blotto blight boiled ballet ballot balata billed bolete bailed blotty bulled ballute blighty bullied bald bled bold
built guilt quilt toilet silty sault pilot milty lilt guild vault kilty guilty build fault faulty filet vaulty culti hilt gault milt kilt moult gilt poult jilt silt culet tilt cult wilt
bail bill abulia bullae bull bailey bailie biali bialy bile bailee billow billie billowy billy boil boule boulle buhl bulla bully bible