Prevention is related to the cause. For instance, avoiding smoking can prevent most cases due to emphysema or lung cancer. Keeping small objects away from young children can prevent some cases due to a foreign body. Many cases cannot be prevented.
Wheezing is a form of difficulty in breathing. Those with severe narrowing in multiple areas of their airways may die if they cannot take in enough air. Other long-term effects are related to the cause. For instance, cancer can result in death even if the wheezing stops.
Wheezing itself is not contagious. But if the cause is an infection, such as pneumonia, the infection may be contagious.