The feature I'm looking for the most is being able to select a given poetry form (for example a sonnet) and having the program enforce metric or rhyme based on it's rules.
Does such an editor exist?
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Software that assists you with writing Poetry:
This site mentions quite some useful information, let me sum them up here:
— Source: Free Poetry Writing Software
I seem to have misunderstood your question at first, thus I wrote this section about automatic generation:
If you really have the interest in this you could research and learn a programming language and develop one.
You'll most likely want to study linguistics and artificial intelligence to get a basic understanding.
Please read the FAQ first before posing your question, it's necessary to spend effort or you'll create questions that won't result in helpful answers. This question is an example of that, but because of the interesting subject I've decided to steer you in the right direction:
Here are some useful links to start with, by Googling for various terms:
Also, the terms you should be coining for:
In which you can replace Sentences with various other words, but it boils down to generating a sentence first.