The hub is needed so that the wheel can spin freely when not being pedaled. Its basically a ratchet operated hub in which the ratchet engages when pedaling forward but disengages, turning freely when the pedaling stops. The rear cassette fits over the hub to complete the drive train.
Actually a free wheel hub is part of a typical rear wheel on any geared bike. Front wheels don't have a free wheel hubs because they aren't part of the drive line. The truth is that most any rear wheel from another bicycle that is 700c will work on your bike provided the hub will take whatever cassette is needed. There are differences between the hubs for the different sized cassettes (as in 7 speed, 10 speed, etc) as well as between the manufacturers like Shimano or Campy.
So, if you can find a 700c rear wheel, with a hub that's compatible with your cassette it will be interchangeable. Or... you can change out a non-compatible hub with one that fits your bike in order to use the replacement wheel.
Actually a free wheel hub is part of a typical rear wheel on any geared bike. Front wheels don't have a free wheel hubs because they aren't part of the drive line. The truth is that most any rear wheel from another bicycle that is 700c will work on your bike provided the hub will take whatever cassette is needed. There are differences between the hubs for the different sized cassettes (as in 7 speed, 10 speed, etc) as well as between the manufacturers like Shimano or Campy.
So, if you can find a 700c rear wheel, with a hub that's compatible with your cassette it will be interchangeable. Or... you can change out a non-compatible hub with one that fits your bike in order to use the replacement wheel.