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.
bully bull bulla belly billy bally bullae boulle bill ball billowy boll buhl bell blowy bialy boule belle bluey belay bellow billow blooey bailey billie bel bal bale boil baal bawl blae bole bile blew blaw bowl blah blue blow bola bail bolo
foully cully gully dully fully sully bully alley boulle cull dally cullay galley valley dull golly lull colly allay hullo nelly molly delly volley lily pulley sally chilly woolly wholly wally telly duly dilly pally felly really ally dolly mulley mull muhly silly dually hilly jelly belly quoll leally alloy rally bally bull jolly mulla folly lolly hull filly gull quill full kelly quell coolly gulley holly muley knolly null pull bulla gilly gally ruly illy billy tally tulle welly willy chally shelly