You can only change ONE letter, AND/OR rearrange the letters currently available. The first word is:
WINS
dine
dune
nerd
nude
dude
duds
stud
nuts
oust
suit
silt
salt
stall
Hmm.. five letters! That's...
tall
talk
lark
@4383: Ouch! LOL
flak
calf
fact
flat
late
fate
ante
rate