Overdue – a reference to timeOverdo – those seven shots at lunch

Peace – a state of tranquilityPiece – a part of something

Wrack – violent, ruinous occurrencesRack – as a noun it refers to framework, as a verb it can refer to extreme stress. A person may feel racked, but never wracked.

Peek – to look at something secretlyPeak – the pointed top of anythingPique – to make someone angry or annoyed

Precedence – a consideration of importancePrecedents – the plural of precedent

Quay – a platform near waterCay – a small islandKey – same as cay but pronounced as key

Paid – the past tense of payPayed – a sailing term

Peel out – spinning your tires from a stopped positionPeal out – in reference to bells and thunderclaps

Per se.

Pastime – something that occurs to help you pass the time.Past time – a reference to something in relative comparison to time