Just a word of caution, this instructable involves modifying CCFL's, which run on very high voltages. This can be dangerous, so you should definitely take care when you're doing this, you could easily zap yourself pretty bad.
Way back in the day, when I made my first instructable I decided I really liked the idea of wheel lights. The contest I entered had the monkeyelectric wheel lights as the grand prize, but sadly, I didn't win.
When I saw there was a new contest going for ways to "Light up your ride," I knew I had to enter! I went to my stuff drawers, rummaged around, and came up with this. It was a very simple build, from concept to completed in about 2 1/2 hours, and I think the final result looks quite nice. It's not the monkeyelectric lights, but it's still pretty cool!
****EDIT: Per g-ram's request, I've added the video below. Apologies for the low quality, my camera is not very good for night or low-light video. This should at least give some indication of how it looks in real life.
***UPDATE 5/3/10: If you decide to make a wheel light like this, post some pictures and I'll send you a patch!***