You can only change ONE letter, AND/OR rearrange the letters currently available. The first word is:
WINS
fast
fast
last
lash
bash
halt
Changed too many letters, but what the heck! LOL
hats
won't change back, so let's have some
cats
cash
(as in prize)
cast
slat
late
teal
tale
take
cake
sack
sick
kiss
kits
skit
kilt
tile
file