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.
lotus lots lotos louts loots lotas lotahs lottos lottes lats luteous lits lets ludes leets lauds lidos loids lodes litas leuds lutes loads lattes leudes lyttas laities lettuce lads lids lutz
lotus moats moots boots quotas tootsy foetus luteous taus doats mots gouts boats beauteous loots footsy hiatus potsy lotos knots biotas touse battues jotas nodous coots shoats phots iodous shotts shotes wots tots toits dotes soots rots rotas retuse poets tuts vodous quietus duteous setous riots outs tuis notes coats oats cots oots hoots rotis meatus quotes coitus knouts iotas bouts fatuous bots motts lotas pots votes foots botts photos botas goats motes sots douse louts fetus toots quoits lots modus chotts hots rotes kotos hideous odious cotes nowts jots nodus etuis ouds riotous routs dots vatus shots touts piteous pouts roots rotos situs doits tedious totes tutus shoots shouts
lot latu zlote plotty glout cloudy clotty flout litu loot lota lotah loti lotte lotto loud lout aloud blot blotto blotty flota clot cloud clout plot slot zloty