Originally Posted by Gary Fountain

You can use a 'heli-coil insert to replace the existing thread.

From the website: "Heli-Coil inserts are precision-formed screw thread coils of extremely hard diamond-shaped 304 stainless steel wire. When installed into Heli-Coil tapped holes, screw thread inserts provide permanent conventional 60° internal screw threads that accommodate any standard bolt or screw."

http://www.emhart.com/brands/heli-coil