whats the point of wheel weights? those things that clamps onto the lip of the rim

 

to help balance out the wheel

 

Yup. Wheels and tires are usually not perfectly balanced in weight. When tires are mounted on wheels, they are put on a balancing machine that detects which part of the wheel/tire is lighter and which is heavier. The weights are put on so that the weight is evenly distributed all the way around the wheel/tire.