Hi,
Link wheels involve using 5 or more unique web 2.0 sites with high page ranks and using those sites to create a backlink to your site.
The “spokes” of the link wheel include a link to another unique web 2.0 site which forms the wheel.
The “hub” of the link wheel is any page on your web site. This should be your squeeze page, offer page, or “money site”.`
Below are a few web 2.0 sites you can use to create a link wheel:
Squidoo
HubPages
Wordpress.com
Blogger
LiveJournal
Like everything else, the more people who use this technique the less effective it will become and the more of a 'spam' technique it will become. I would suggest Google would not like, and most probably de-value links from link wheels.