Don't get your hopes up too high, its a very simple program I wrote a long long time ago (the original version I can find is 27/03/2005).
The really cool part is that it generates letters according to adjusted probability of appearing in the english language, and that it is seperated into a/e/i/o/u and the rest of the letters, so it is easy to ensure you get a pronounceable word.
To generate words from those letters it just selects randomly from 3 word templates (aba,bab,abb), though more templates should be simple to add (baabaa and baabbaab are possible, but dangerous, but you could also go bababbabbabababbbaa etc.)
Everyone can view it over
Here.
Also, I'd like to hear what people think about this ancient piece of code, even if its just saying it sucks or just isn't useful. If people like it I might make some cool improvements for fun (more templates, perhaps the ability to add templates, maybe generating into .txt files, maybe some sort of filtering etc.)