You can only change ONE letter, AND/OR rearrange the letters currently available. The first word is:
WINS
ante
team
make
mask
maps
palm
male
balm
calm
clam
clay
lady
dial
vial
vita
avid
paid
pied
dupe
pule
fuel
plea
Nope, Michael. You only used two letters. Now you don't get cake.
flue
blue