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.
lout lot loti lute loot loud lota lotto lotah lutea lotte let lat lit late lode leet lude loid latu load laud lido leud litu lati lite laity latte litai looed lytta
bout gout lout knout out pout rout tout shout ut