You can only change ONE letter, AND/OR rearrange the letters currently available. The first word is:
WINS
deem
deep
dope
dopy
ploy
plot
post
pets
pels
slip
plus
lisp
clip
clop
glop
blog
blow
wold
wool
(for christine)
wolf
flaw
flax
flat
thank you Michael, I'll give you
malt