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.
bullies boulles bellies ballies billies bulls belles belies boules bullous bullace bailies bialies bills bells balls blues biles bless bales boles bolls bliss buhls boughless blueys ballsy bluesy bialis billows bailees bellows baileys bowless bilious bals bels blows blaze boils bails balas blaws balsa bowls blase bolus bolas blahs bawls baals bolos belays belows bialys blouse blousy blowsy boylas bylaws
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
bull billie boulle bulla bullae bully abulia