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.
valuta valuate volta valet vault vaulty volute valued flauta vallate fallout veloute volt valid fluty fault volti flute flota fluyt volte flout faulty fealty flutey vealed velate vialed violet vailed vialled violate velleity
valuta lout sellout rollout pollute muleta glut volute elute galleta lute lutea bailout balata ballute dilute solute bluet lota fluyt salute pullout pelota glute glout volta clout fallout fluty flute flout flota flauta delta slut shelta
value vail vale valley veal vealy vial oval ovally