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Lately ive been thinking about changing my wheels to 17" I currently have 16" on my R56, does anyone know if tirerack trades wheels and tires??
Tirerack? No, not likely but you can confirm that by contacting Alex@tirerack.com.
You could trade or exchange with your dealership (not likely but possible), or with MINI club members in your area (likely), or sell them on ebay.com or post them on Marketplace on NAM with with your local MINI club's website or newsletter.
Local wheel and tire shops might also trade or exchange but not likely- can't hurt to ask.