You can only change ONE letter, AND/OR rearrange the letters currently available. The first word is:
WINS
real
area
read
dare
darn
dart
tars
star
I'm back!
rats
so you are!
past
Happy New Year everyone!
pats
step
Step into a happy 2011 :-)
puts
pout
oust
stop
past
pest
lest
best
belt
beet
feet
fate