Hi P. There's a terminology distinction that I think you may be missing. Modern hubs are generally known a freehubs since the unidirectional drive element (pawls, springs and the like) are an integral part of the hub construction (to allow the outer bearing to be placed closer to the dropout). In the olden days, we had a separate freewheel with integral gear cogs that threaded on to the hub as a unit (sometimes also referred to as a "block"). Whilst the blocks could often be disassembled and bearings changed, it was generally pointless to do so since the gear rings themselves would be worn out at this point (although some designs allow them to be reversed to double their life).
What Pigman, Keith and Jim are telling you is that your picture shows the (dead) body of a freewheel which (given that it is on a steel hub and rim) would be unlikely to be worth saving. They are normally pretty straightforward to get off in one piece provided that you have the right tool; this may be worth bearing in mind for the one you've put on there now (hope you put a little grease on the thread). No chain whips or drifts required: Tool in vice, wheel in tool, hold wheel rim, twist. If there's a pile of small ball bearings and springs all over the floor, you've done it wrong.