Basically, a Linkwheel is a set of six or more web 2.0 properties interlinked in a “wheel” module, the chains of wheel promotes a page on the web which is the focus of that particular “wheel” or what we call the ‘focus hub or ‘main hub.’ The main hub could be anything including your landing page, a squeeze page or even another type of web 2.0 property.
In order for you to do the ‘linkwheel method,’ you must prepare at least 5-10 articles (it can be unique or spun article) for each hubs or web 2.0 properties. And then set it up by creating accounts for each web 2.0, copy-paste and publish.
Target each hubs by using the anchor text for your keyword(s);
<a href="http://yourlinkhere.com">Anchor Text</a>
Say you aim to rank high for the keyword ‘dog care tips’, then the anchor text should be -
<a href="http://yourlinkhere.com">dog care tips</a>
Web 2.0 Properties:
1. Blogger.com
2. Wordpress.com
3. Squidoo.com
4. Quizilla.com
5. Hubpages.com
6. Blog.com
7. LiveJournal.com
8. Weebly.com
9. Wetpaint.com
10. Blogsome.com
11. Jimdo.com
12. Tumblr.com
13. Blinkweb.com
There are lots of web2.0 properties on the net and you can use it as you want.
Anyway, after linking all your hubs into a wheel then that is the time to ping all your blogs by going to Pingler, Pingoat or Pingomatic. (just choose your favorite pinger tool)
Another thing to do is to bookmark you sites to most social networking sites to boost up the links as well as to speed up the indexing by the search engines.
The linkwheel method is a very powerful way to rank for a certain keyword and make your blog or site to rank high in the search engines as well as getting traffic. You can modify it to it’s fullest by adding hubs and chains to the wheel -remember ‘the more, the merrier.’ 
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Whoo..pretty cool! learned something new today!
Why is it so powerfull? I don't understand it looks like the main page has just 6 back links?
Most of the web 2.0's out there are NO FOLLOW, meaning they don't give a damn backlink at all. So, the opposite 'DO FOLLOW's” are what we are going to target. You can confirm if it is a dofollow by viewing the page source of the site. The strength of this method depends on how well you have built the wheel and there's no saying about the keyword competition whether it's in 50k to 100k or more. Social Bookmarking is also necessary to emphasize or maximize your output.
Even a “nofollow” drives traffic to the page, but does not pass PageRank. Meaning that nofollow is a damn good backlink too
Nice post and thank you for the list of web 2 sites, they wil help a lot
totalaffiliates´s last blog ..1500 WEB 2 Sites
Thanks for the great tips. I’ve been browsing your website and the quality of information here is really helpful. Still learning the ins and outs of SEO, “no-follow vs do-follow” and sites like yours makes it much easier.
knowledge´s last blog ..Thoughts In Constant Motion
what are negative aspects to link-wheels?