First of all, I would like to point out that link wheeling is an outdated tactic and there is a high chance that Google will catch you and penalize you because of it. But if you really want to know here goes... Link wheeling works pretty simple. You have your main site, which is the target of the links. Then you create a lot of other microblogs on sites like Blogger, Hubpages, Squidoo etc. On all those microblogs you put some relevant content. Then you link each of those to your site and another one of the microblogs. This way you get some link juice from all your microblogs, while they only link to 1 other website additionally. So Blog 1 will link to Blog 2 and your website. Blog 2 will link with Blog 3 and your website. And so on... This is to guarantee that you are not just doing reciprocal link exchange. So that is the essence of it. Keep in mind that since the times that link wheeling was a viable tactic the search engines algorithms have learned A LOT. What you will end up is a lot of spammy links from newly created blogs with little content. This will quickly raise the alarm and you will most probably end up penalized. In short - best to leave such tactics aside and just build your links naturally.
I would like to indicate that web-link wheeling is an obsolete technique and there is a higher opportunity that Search engines will capture you and penalize you because of it.