Replacing rhymes with:
displacing, misplacing, placing, displacing, misplacing, placing, basing, bracing, casing, chasing, debasing, defacing, displacing, effacing, embracing, erasing, facing, gracing, misplacing, pacing, pasing, placing, racing, retracing, spacing, tracing
Replacing sounds like:
rebelliousness, reflagging, repligen's, republican's, republicans, republicans', repulsing