What exactly is a warped wheel/rim??

 

Basically its a wheel that is out of round.

 

Take your wheel off, look at the edge where the tire connects to the rim. Put tire back on and proceed to hit potholes at 50+mph, take rim back off and notice the diff.

 

If you have a "warped" wheel I suggest you replace it. Rims usually bend at the point of impact, like hitting a pothole. A "warped" wheel suggests that the rim was impacted from the side hard, and on alot of its surface. For instance, sliding sideways into a curb. Bent rims can be fixed, warped cannot.