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.
relays release reels reals riels relies reoils relace reales rayless realise rouleaus roils rolls roles rials rails riles rills rales rules rilles rallies realize rouilles
allays relays plays flays lays cullays belays waylays slays clays delays las blaws baileys laws moolahs hylas galleys flaws galahs lacy volleys galeas kolas fallacy leys alloys ollas queleas coalas pleas mollahs hulloas alleys callas glazy class lyse chollas chelas challahs mooleys wallahs tellys dulias doulas lazy dahlias polys colas selahs holloas halloas nalas blase koalas lase muleys alias mullas fleys balas hollas pulleys fellas violas fleas mulleys lass alas ploys moolas nullahs leas blahs mullahs hallahs quillais cloys hulas valleys boylas hilloas glass claws pilaws glias gleys palais bolas villas bylaws galas molas fellahs gulleys paellas foleys dalasi bialys pilaus scillas slaws zillahs dialyse doyleys talas tolas wallas chalahs challas cholas sheilas
relay real realia really reel rely riel areal areally prelaw ureal