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.
palace place plaice pales palliasse police palais paillasse palazzi palazzo paellas pals plaza plews poles palls piles pawls peals palsy peles plies pulse plays pules pails poleis pilaws plisse pileus please pilaus polies pilose policy pelisse pileous pollees pulleys
lace palace solace relace shoelace place bullace glace fallacy chalice veloce lacy blaze cilice blase lacey plaice luce lice laze glaze slice lase dolce malice police
pal pally spall papally opal play pilaw pilau pial peal pawl paly pallia paella pall paleae palea pale pail pula papal spale splay