If there is lateral runout, then the rims could be trued, yes. You'll need a spoke wrench...these are available as single size and multi-size tools (to fit various nipple sizes). There's definitely a science to wheel truing (physics of the spokes pulling the rim left or right), but there also seems to be an "art" to it as well...trying to balance spoke tension to not overload one side or the other, etc.