The Wheel of Time was a massive device built in the God Era by the Chronos. He designed to bend space and time over a large area. It had many spell-like powers - time stop, distance distortion, slow, haste, teleportation, phasing, and many others dealing with time and space. The most dangerous powers of the Wheel of Time was its ability to send things forward or backward in time. This could be used in a very deadly manner, for a target could be ripped apart as part of them are sent forward and part of them sent backward in time.
In the Yandôr Conflict, Chronos used it to defeat the demon army under General Pazuzu. This happened in the Battle of Enmort when Chronos found his forces so hard pressed that he intentionally overloaded the Wheel of Time. This resulted in a rupture in time and space, annihilating the demon army, but also sending Chronos adrift in time. The distortion in time and space from the device's destruction still affects an area around it. The wasteland of Enmort is a strange area where one could benefit from being reduced in age, withered to frailty or lost to some alternate reality.