Originally Posted by
cny-bikeman
You don't necessarily need to do anything but replace anything but the axle and add a skewer. For a given brand the threading and diameter are the same with some rare exceptions.
http://sheldonbrown.com/harris/axles.html
That depends on what kind of hub the OP has and he hasn't said. If it's a conventional nutted freewheel or freehub type, your recommendation is correct. If it's a coaster brake, IGH or other type, it isn't that simple.