Tijn's right - probably the nylon worm gear. Do a search, there's lots about it here. You can easily check it without taking the wheel off if you can get the wheel off the ground. Just undo the screw holding the cable on the wheel end, pull the cable out and then turn the wheel by hand. there is a steel blade-like thing visible in the speedo-gearbox that locates on the wheel end of the inner cable - if the speedo gearbox is fine it will turn as you turn the wheel, if not it will be stationary.
Hope that helps, and do please search this site - there are some useful tips here.
Stig
"Only one other animal on the planet wears shoes, and only because we grab them by the legs and hammer them on." Christopher McDougall
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