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.
volley valley vole foley folly voile villae foully vill viol vile fley vale fille fully voila vealy filly felly villi value villa viola faille felloe flooey follow ghillie ghoulie fly
valley pulley gulley alley mulley galley volley ley bailey bully holey gully billy lily mooley mallei cullay villae fully felly bluey jelly rille gally allee cellae ally pally coolly nelly filly leally sully shaley chally woolly willie welly wally tulle telly taille dually dolly delly mille mallee selle foley foully really fley rally faille belle ghillie nellie jolly illy bullae gillie gilly collie sally mollie knolly alloy cully belly molly felloe boulle billie hilly bally callee gley fille muley folly allay rouille gluey dilly pollee mouille colly killie riley kelly lolly silly golly holly doyley dally dully tally tuille wallie wellie wholly willy challie chilly shelly