Originally Posted by blamp28

Your hub (the assembly in the center of the wheel) needs to be rebuilt most likely. You will probably need cones and possibly cups(not available for many hubs) and certainly bearings. Parts could cost 20 - ? $ easily. You mentioned that you paid $15 for the wheel. Now you know why. If it is a decent mid level or above wheel, I would try to rebuild it. If it is not, I would consider the $15 as a tuition instalment in the school of hard knocks.

As an example, If this is a 105 Hub with a decent Mavic rim and you only need cones and bearings to make it right, I would spend the 20 -30 on parts and end up with a serviceable wheel. If on the other hand, it is a dept. store level rim with bad bearings, you have a learning wheel. Take it apart and see how it works. You have nothing to loose. A lower end wheel in that condition is virtually worthless and would cost more to repair than to replace.

Good luck and let us know how it goes.