Yep soapy water is good if you can't immerse the whole wheel.
It will certainly show any problems if you fill the op of the valve stem.
If the valve is leaking and it is a Schrader valve ( http://en.wikipedia.org/wiki/Schrader_valve) don't over tighten the valve. You might get one of those prong shaped security bits to fit (see http://www.peachparts.com/shopforum/showpost.php?p=2715799&postcount=17 for the type of thing I mean)
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