Well I ran over a pothole and I hit pretty hard. When I got home to check it out I was like

S@!%
D%#@
F!%&

Only the lip is bent, Im not losing any tire pressure. Plus the wheel is still balanced as far as I can feel.
What would be the best way to get that bent back into shape?
Being in the Bahamas, I dont have any pep boys or autozones (not sure if I have a place here that would be able to fix it.)
I was thinking something like a rubber mallet.

 

Ouch that sux. I have aftermarket rims and from what I have experienced is that the 205/40 R16 doesn't protect the wheel of the lip as well. Try using a 215/40 R16 tire.

As for the rim, it looks like your SOL and might need a new rim. Where did you get your rim? If you have a Discount Tire in the Bahamas try them.

 

Do a Google search for wheel repair or similar. You'll need to send the wheel to a specialist to be repaired, it'll probably cost somewhere around $50-100 per wheel.