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.
millet mallet mullet milled milt maillot milty moiled mailed mulled mildew malled melled muleta maleate miauled mildewy mullite malt melt mild molt malty moult muled molto melty malate mauled mewled miladi milady mulatto
billet mullet pallet gullet ballet callet sallet quillet gallet willet cullet bullet wallet collet rillet millet pellet fillet pullet mallet let lulled fleet balled fuelled piolet gelled relet bolled muleta galleta hilled filled milled belled mulled gleet cleat called violet walled knolled leet dialled shilled shallot challot woolled willed celled palet tolled tilled dulled dolled felled boleti owlet ballot malled vialled culet reallot bluet valet galled killed bulled rolled polled culled melled nilled hallot gulled quilled bolete quelled nulled allot gilled billed fulled filet blet bleat rilled lilt jelled sleet delete pulled knelled palled hulled pilled lalled maillot lolled howlet dilled helled duelled tallit toilet welled pleat chalet chilled shelled yelled
mill mille mil milo smile milieu mullah milia mull mile mollie mellow moll mell mallei mallow mallee mall maill maile mail moil mollah molly mulla mulley smiley