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.
steel steely steelie stele stela steal seidel stella stelae stelai seedily setal style stall stale stool sotol still stile stull stole styli sedile settle stilly sedilia sootily stoolie
teel steel tel hotel whitely botel dottel boatel stela outtell betel mutely luteal lately kittel cutely tele bedel tela teal tael motel mutuel ratel steal tell retell steely stele wedel chattel
sate seed seedy site stew stewy stey secede