Replacing a Stripped Wheel Stud
 

Preparation and Tools
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Buy your new wheel stud before you start.
Level of Difficulty: Novice
Tools You'll Need:
A Replacement Stud!
Lug wrench
Open end wrench
Crescent wrench
Dead blow hammer
Impact wrench (if available)
A wheel stud that is damaged or stripped can be dangerous and should be replaced as soon as possible. As long as you have a reasonable level of auto repair ability it should be no problem. This tutorial covers vehicles with disc brakes. If your car has drum brakes in the rear you can't use this method.

Before you begin, be sure to have the proper replacement wheel stud on hand if possible. If you can't be sure, be sure you have a ride to the auto parts store so that you can take your old stud in for comparison.
Remove the Brake Caliper and Rotor
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Brake caliper and e-brake adjustment removed.
With your wheel off and your car supported safely on jack stands, it's time to remove the brake caliper and rotor to access the hub. We have to work our way inside in order to remove the old wheel stud and have enough room to move around in there.
If your wheel stud is in the rear, you'll also have to remove the assembly that holds the emergency brake cable and adjustment. If it's just a cable, grasp the end with adjustable pliers or Vise-Grips and pull it out of its carrier. You might have to remove the adjustment wheel if you have that type of emergency brake.
Re-Using the Old Studs
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Protect the stud if you plan to re-use it later.
If you're replacing a wheel stud for a reason other than damage and you want the possibility of re-using them at a later date, you need to protect the threads. You can do this by screwing a couple of wheel bolts (or similarly fitting bolt) onto the stud before you pound on it.
Remove the Old Wheel Stud
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This is one auto repair that is less about technique and more about brute force. Take your dead blow hammer (or another heavy hammer if you don't have a dead blow) and give the front of the old wheel stud a few good whacks until it comes out the back of the hub.
Putting the New Wheel Stud In Place
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It can be tricky, but there is usually space to slide the old stud out and the new wheel stud in. If you don't have easy access, rotate the hub to see if there is an area or position that provides enough clearance to get the new stud in there.
Insert the new wheel stud into the hole from the back.
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With the new wheel stud in position through the hole, screw a couple of wheel bolts onto the stud. You'll use these to pull the new stud into place with a wrench or impact wrench.
Tightening the New Wheel Stud
If you have an impact wrench, now's the time to grab it, strap on the correct size socket and let it do the hard work. If not, you can use a lug wrench or a 1/2-inch drive socket wrench with a long handle.
Simply tighten the bolts you put in place until the new wheel stud is fully seated. You can look on the back side of the hub to see when it is fully seated.
Finishing Up and Re-Assembling the Brakes
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You're almost finished. Now just reinstall your brake rotor and caliper, put your wheel back on and you're ready to roll again.

Nice write-up. The only thing I would add is to add some lubricant to the threads of the the new stud and the lug nut to prevent galling while pulling the stud into place.

i was at dealer and they wanted $234 bucks to replace mine , i didnt ask any questions i say that ok never mind , i was thinking i could do that , after reading a little i am afraid that the hole might be striped is that a big problem ?