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.
steely steel seedily steelie stele stela steal seidel stella stelae stelai stilly sootily stile style setal stall sadly stull sotol stale stole stool still styli sedile settle sedilia stoolie
steely delay whitely wedel delly teel telly bedel betel cutely quietly lately meetly mutely nudely redly rudely steel wetly widely
sate seed seedy site stew stewy stey secede