Is it normal...

For new brakes to squeek even after being applied?

Recently changed discs and pads and they squeek. This is normal and I can put up with it.

But sometimes there a bit of squeekage when I'm not applying the brakes, it seems to be on corners, so probably after I've released them, but I haven't made a mental note of it yet, so I'll check that.

Or is my wheel about to fall off?

on 360 or ps3?

Yep. Wheel's about to fall off. Then you will have to choose to either retry or quit the championship.

lol custard....

they can squeel a bit during the bedding in period, but i would check to make sure the caliper/carrier is well lubed. may be sticking causing a pad to brush against the disk even when the brakes arn't applied.

or a cheat code

I have this problem on GT4

lol., you gang of p*sstakers.,

with new brakes its essential to make sure theres copper grease on the back of them when fitting the news ones., the squeeling you hear is actually the pad vibrating in the carrier, the grease acts as a damper for this and stops them squeeling.,
if all else fails your only option is to press "reset"., or just wait for Forza 2.,

And if one should, say, not have any copper greese to hand when they did it, thus didnt apply any. I assume it would just wear in on its own?

Oh and I'm out of reach of the reset button

well if you didnt use the grease then the pads are gonna squeel., just take them out and grease them .,shoud only take bout 15mins.,

EDIT:
no wireless controllers then?.,lol