A guy in a (usually) small car, who drives on free ways wanking (Masturbating) while he's driving
British guy 1: "Look at that cheeky bastard fappin while ees drivin"
British guy 2: oh man ee's a wanker at the wheel, and ees watchin poan too!"
The small thin tyre and wheel used as a spare wheel or as a set of 'cheap burn out tyres' often found in pairs on the front end of a fwd car often a (honda civic) or on the rear end of a rwd car (often a bmw)
"Look at that fella there"
"Aye he's got the wanker wheel on"