I'm not sure I see what you're driving at there. If you had a finite set of strings that you might have to compare, you could (for example) populate a graph or something with weighted edges representing the Levenshtein distance between strings (vertices). Offhand, it seems like your search could basically use a hash table to find the position of the vertex representing your string on an already-populated adjacency list.
It'd be big, but in reality you'd probably only populate the edges with especially high or low weights, depending on the application?