this could be down to many things from the wheel bolts being loose, the cones being loose, or the bearings collapsing in the hub. i wouldn't reccomend tightening any bolts first, i would remove the wheel and check if any of the inner bolts (cones) are loose, if they are not then it will be a problem with the bearings inside and tightening the bolts will end up making the problem worse in the long run.
i would remove all bolts and washers from one side and remove spindle to check bearings and replace if required.
If the bearings inside are very damaged, or you have ridden the bike whilst the wheel has been loose for a length of time, the the inside of the hubs may well be worn and nothing short of replacing the hub or wheel will solve the problem.
shane, January 2008