You can only change ONE letter, AND/OR rearrange the letters currently available. The first word is:
WINS
rage
ague
game
egad
dear
dire
peri
wipe
pile
leap
lace
cell
celt
lite
(Did you know there are 454,230 english 4 letter words?
--> http://www.answerbag.com/q_view/69716
...long way to go for this thread :)
lute
belt
bale
lame
lamb
meal
loam
male
elms
seal