To boil = to cook something in boiling water, or, intransitively, for a liquid to reach the point where it starts to evaporate.
I boiled the potatoes [in hot water].
The water is boiling.
To spoil = transitively, to ruin something. Intransitively, to go off, to decay.
He spoiled the party.
The cheese is spoiling.
Pronunciation-wise, there is no difference in the pronunciation of 'oil'.