Diluting rhymes with:
looting, polluting, saluting, booting, bruting, commuting, computing, disputing, fruiting, looting, muting, polluting, recruiting, refuting, rerouting, rooting, saluting, shooting, suiting, supercomputing, telecommuting, uprooting
Diluting sounds like:
dalton's, daltons, deleting, deletions, deltona's, deluding