* Wrap: This is the closest in terms of pronunciation but has a completely different meaning. It could work in a sentence like "He likes to wrap his words like a rapper."
* Rape: This is a terrible word to use as it has a horrific meaning and should never be used interchangeably with "rap."
* Rapping: This is the gerund form of "rap" and is used when referring to the action of performing rap music.
Ultimately, finding a suitable homophone for "rap" depends heavily on the specific context of the situation.