
It's depend which type of gears you have on the back.
If it's a cassette you need the chain wiph and the tool to unscrew the lockring (usually shimano ones unless it's a campag cassette)the cassette you've seen will fit if it's you already have a shimano freewheel and 7 gears.
Cassette is just the gears. Freewheel is the moving bit that support the gears and allow you to free wheel. If you keep the same number of gears and the same brand it will be compatible, but you may want to chain your chain. As quoted above park tool website is very handy.
If you want to remove the cassette easily, you can secure the "lockring tool" with your QR.
Then put the chain wiph on, wheel on the ground and step on it (I am not joking), so you'll be able to use both and on the big spanner that is going to make the locking tool move.
When you put everything back together just put as much torque as you can really.
If you don't have any of the tools and you don't plan on doing it too often, LBS is your friend.