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I've seen these being sold in an Eastern Religion store near my school, and I've seen pictures in books of people carrying them, but I haven't been able to find anything about their significance in Buddhism, or what they're used for. Anyone willing to give me some information, or tell me where I can read about them?

Yes, thats exactly what I was reffering too. After looking at that page I've got two questions though.

1. I thought the Om Mani Padme Hom mantra was from the Therevada and Mahayana traditions and reffered to Kuan-Yin?

2. Are prayer wheels used in other sects besides Tibetan Vajrayana?

Theravadan tradition doesn't follow Bodhisattvas, so Kwan Yin would be out for them. Plus, I know they don't use that chant. It's mala/mandala/prayer wheel based, and they don't use any of those.

Speaking as a Mahayana, I've never used a prayer wheel or chanted Om Mani Padme Hum. Never really saw a reason to do either when they just serve to distract me from my own breathing. 3nodding The only guys I've ever heard chant it, actually, were Tibetans.

I do believe the prayer wheel practice is strictly Tibetan - they're the only ones I've ever seen use them. But again, it's not really anything there besides my personal experience and things that I've seen.

Edit while I'm still thinking about it: Chenrezig is Kwan Yin.

I'd think the chant Om Mani Padme Hum was brought over from the Tibetean tradition to the Mahayana tradition (well at least among the Chinese), for I distinctly remember the chant being used in the Saddharmapundarika Sutra, or Lotus Sutra... I'm not sure about the sect that uses it, but the manner in which it is used seems quite similar to that of the Pure Land School.

And as for prayer wheels, it IS a Tibetean tradition. From what information I could gather, it seems that as most early Tibeteans were illlterate, prayer wheels were used to represent the constant chanting of prayers and in a way remind the people of the need to incorporate their faith into their lives. So one revolution of the wheel represents the chanting of a particular sutra that was inserted.

As for

I think your answer for (1) can be found here =>
E-Sangha, Buddhist Forum & Buddhism Forum > Use of Tools in Zen

As for (2), common mantras I've heard are:
Namo Amithaba Buddha
Namo Sakyamuni Buddha
Namo Maitreya Buddha
Namo Kuan Shi Ying Pu Sha (Avlokiteshvara Bodhisattva)
Namo Ta Shi Zhi Pu Sha (Ksitigarbha Bodhisattva)
Om Mani Padme Hum
Om Chi Ti Ha Raja Sva Ha (Sanskrit mantra of Ksitigarbha)

Technically the name of every Buddha or Bodhisattva can be used as a mantra, and some Mahayanas also use Sanskrit mantras.