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.
poly ply pol play polo poll pool paly pole pily ploy poilu polio pally pulley pollee pul pal pillowy pial pull plie pule pile plow pill plew peal peel pale pall pele plea pili pawl puli pail pula palea pilau pilaw pilea pilei
holy hooly coly cooly moly poly dooly wooly