Cool name(s) for this activity:
A worksheet to write the answers and a word-map to find the answers.
First, give the word-map to the students. Before explaining the activity, go over the pronunciations, stressing the differences in pronunciation. Hand out the worksheet to write the answers on and try to explain the rules - I find this a challenge to do. Go through an example with the students before starting the activity.
When reading the words, repeat them a certain number of times (3 for example). If the students are well motivated, you can choose to repeat up on request (up to the max) - so the students have a bit more of a part in the lesson.
At the end of each sentence, wait until everyone is ready before reading out the answer and then writing it on the board. Students mark their own work and give themselves a point for every correct word. Points can also be awarded for other things if the students are comfortable with the exercise. For example, one of the words might be written "Like(s)"; depending on the sentence, it should be written with or without the 's'. Award a point for correctly identifying the correct usage.
As the students are creating sentences, they can also use their grammar knowledge to correct their own mistakes before the answers are read out. For example, if what they hear gives the sentence "Tokyo is eye," then they might be able to guess that one of the words are wrong and choose another word.
This activity was taken from Plant Eigo.