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.
melody meloid meld melodia moldy melty malady mouldy melled milady mewled mold mild melt molto muled mould milty malty mailed mauled miladi milled moiled malled maloti mulled maillot miauled mildewy mulatto
melody baldy lode loid haloid allod aloud loud moldy payload nielloed ploidy meloid malady siloed glady sloyd cloudy xyloid cloddy wieldy hilloed sialoid hulloed lady blood load halloed phylloid haloed flood bloody phyllode milady oldy mouldy plod keloid belady reload colloid sloid cloud soloed clod zloty helloed cheloid holloed hyaloid
mel meal mealie mealy melee mell mellow mewl milo smell smelly