By the time you weld on it, it will be so out of balance you'd never be able to get it to stop hopping. There are places that weld wheels and then turn them back down to the original size and shape, I think Stockton Wheel in California is one. Unless it was a rare Shelby wheel or something like that I don't think I'd bother. You can find single used wheels on eBay all the time, and most junkyards keep a selection of used wheels, stock and aftermarket. Better and cheaper to just replace it.....
If it 'falls apart' while you're doing 80 on the highway, you'll be replacing more than a wheel. The guys here are trying to give you some good advice by telling you that the repair you want to make may will likely be unsafe. I don't want to insult you but you came here looking for advice yet you don't want to take what's being offered. Like my daddy always says, "do what you want, you're going to anyway."
You dont weld aluminum you heliarc it(its like T.I.G.welding).Special process...special tools... special filler rod. (Replace the wheel its DONE),aluminum has a crack in one place it has em ALL OVER. Buy a dye penatrant kit (groovy black light usage involved)to see em all. Good luck.
Sorry most people can't afford to buy a magnaflux light for a 2 hour pen test... Die pen requires a high range uv light (ultraviolet) to keep it in the correct requirements, also if you don't know what you are looking at you can easily misread the imperfections in the aluminum. As for welding aluminum don't... If you send it to stockton wheels or another shop like that to straighten it they do more then weld it. They weld it, they heat treat (normalize it) it, they true up the rim (usually this requires a vtl or a big horizontal lathe) and then they polish and paint it. Yes it is done in that order. Welding it changes the properties in the metal it may create a strong point at the weld but it may make all of the aluminum around it very brittle, if the TIG is too hot you can easily burn very big holes in it also you can create alot of heat cracks in the surrounding area. I hate to say it but at the very least your car is not worth the small amount of time and effort it would take to find a replacement rim much less your life. As SamM said the wheel can fail at any time and hopefully it is not 80 on the freeway because then you don't just have the possibility of destroying your car but killing everyone in the car with you and possibly one or two other people unfortunate enough to be traveling in a close enough proximity too you. Hmm it is interesting you asked for welder to give you advice on something and they all say the same thing, it is easier and safer to replace it but you still insist that you are going to weld it....tell you what if you insist on using that one rim then go here atleast I would feel safer traveling on the freeway with you http://www.stocktonwheel.com/widen_straighten2.htm
Your school smarts helped you ask for advise now use your brains and think safety, replace the wheel(s). I recently had a wheel repaired and it is a process like what has been mentioned. It does cost good money so unless it's a rare wheel, make it a spare for limping purposes only. If it requires welding for that, toss it.
this reminds me of the oil flush thread link in the other vehical section. this could go horibly wrong. http://mmb.maverick.to/showthread.php?t=49998 cragors are cheap wheels. you can get them for around 100 bucks.