I don't know if you all like riddles and brainteasers, but I do!

This was forwarded to me from a workboy (I think this is from Cartalk's weekly puzzler).

There is a certain 5 letter word with the following properties. If you remove the first letter, and the resulting 4 letter word sound exactly the same as the original word. (Example: WRACK -> RACK). In addition, you can also remove the second letter from that original 5 letter word to come up with ANOTHER 4 letter word that sounds exactly the same as the original word.

WRACK works when you remove the first letter to get RACK, but does not work when you remove the second letter to get WACK (doesn't sound like RACK/WRACK).

Bonus points if you can come up with the word. Minus points for cheating.