To start, I'm assuming you're speaking of a wheel, with a rim.....
This a classic wheel alignment. Probably not "alignment 101" but certainly part of a more advanced level.
in a nutshell, fixing it involves relaxing the spokes near the low zones, and tightening in the high zones to pull them in and bulge the low spots out. The amount of skill involved depends on the severity of the problem, but if you have decent hand skills, you can probably do OK after reading a few tutorials.
As noted above, eyeball the rim for any cracks or intense local flaws before wasting time on what is likely scrap metal.
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