Originally Posted by
KerryIrons
Sounds like the crank arm is already ruined, but yes, loosen the bolt and ride. If a local bike shop has a tap to recut the threads, the crank arm might be salvageable.
This is a common misconception. Unless the damaged threads are limited to the outermost few, you cannot magically cut new threads to save a stripped crank. While it might be possible to restore some thread by chasing (not cutting) the damaged threads, they simply won't have the strength needed for pulling a crank.
Likewise, tapping new threads, would mean a larger size for which you'd need to seek a non-existent remover.
HOWEVER - if one ops to use Jacob's Chuck wedges, the crank can be reused and removed the same way as often as needed. Likewise, with the ride till it comes loose approach, though that would be less convenient.
In summary, I see no need to "fix" or trash the otherwise good crank arm.