Wordplay - Can you read these shapes?

To allow you to participate more in this blog, i'm putting forth a puzzle, using basic shapes of geometry, viz. a rectangle, a circle, a triangle and a heart. Let's see if you can read these shapes or not.

Please don't give any answers in the comments box and spoil the fun (although you can brag abt yourself that you've solved this quiz there). E-mail me all your answers. I will display the answers in this blog next week along with names of those who solved it correctly (if any!).

Here it is.

Clues:
1. Each shape bears a similarity to a particular letter of the alphabet.
2. The shape for a particular letter remains same in all words.
3. There are five words (wow, what a clue!).
4. The letters in each word are jumbled up.
5. A word formed by red encircled letters (shapes?) connects these 5 words.
6. Good Luck, i ain't telling you more.

Objective:
Simple- You need to find all the 5 words and the connecting word.

Tags - ambigrams, art, shapes, wordplay, puzzle