Possible line of research:

If you Google "truckwheel", it replies "Did you mean 'truck wheel'?" So clearly they have something like this already working.

Form Google: (http://www.googleguide.com/spelling_corrections.html)
In just the first few months on the job, Google engineer Noam Shazeer developed a spelling correction (suggestion) system based on what other users have entered. The system automatically checks whether you are using the most common spelling of each word in your query.

Apparently it's not a trivial task.