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@RakeshS
Well, it doesn't loom like the chain stay is cracked and the back wheel is spinning true, without and wobbles or rubbing against the brakes.
I have discovered that the rear wheel nut, on the side of the crank is loose. Should I simply tighten this or do I need to pull the wheel outwards (or push the wheel inwards) before tightening?
http://i58.tinypic.com/15pqt69.jpg
Also, there is a smaller bolt, perpendicular to the wheel nut on the other side, which appears to control how far in/out the wheel can be positioned.
http://i57.tinypic.com/iqhi05.jpg
Should I do anything with that bolt?
Thanks.