This is your mother's Wheel of Fortune. Although the game's evolved some in the approximately 300 years it's been on the airwaves, you're still pretty much playing hangman for money. The iPhone version smartly offers a few different play modes.
The fastest way to play is "Toss-Up Game." It's a single-player race against time; letters reveal at random in the puzzle, and you've got to solve it before time runs out. The faster you do, the more virtual cash you earn. In "Normal Game" mode, you can choose whether to play against easy, medium, or hard opponents, or you can again play solo. Normal mode features the game's eponymous wheel, and the developers included a feature that's simple, and screamingly obvious when you think about it-and yet, it's a blast.