Originally Posted by Hocam
You can use your brakes as a lateral truing stand but you can't really do radial very easily.
A pipe cleaner attached to the fork (front wheel) or seat stays (rear wheel) works pretty well for getting the "roundness" correct.
As far as the OP's question, it is pretty easy to true up a wheel. It is also very easy to screw it up royally. It's like calibrating a video display by service menu "tweaks". If you are careful and patient the result can be very rewarding, but if you are not careful it will be an expensive lesson.