Depends entirely on why it's wobbling, but I'm guessing that the wheel has gone out of true. This can happen either b/c the spokes have gone slack, or b/c of the rim getting damaged in a hard landing or a crash of some kind.
Wheels that have gone out of true b/c of spokes going slack can be trued with good results, but rims that have gotten badly bent by an outside force will rarely become particularly useful again.
Trueing a wheel is something that can be done at home, but it takes time, patience and a bit of skill.
I'll post a link to a site with more info below.
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Depends on what's wrong with it and what kind it is. www.sheldonbrown.com, www.bicycletutor.com and www.parktool.com all have info on how to fix your bike.
the same way you install one on a road bike. Release the locking device (either quick release spindle or nuts) push down and forward out of the drop out and voila!