[cabmandone]

If that's what is in there, you should be able to hit it with the install tool and tighten it again. As long as you don't wallow out the hole too much you should be able to install another one. The key is getting the right one for the thickness of metal you're working with. If that was my car, I'd clean it up, pop a couple tack welds on and call it a day. But first I'd cuss at if for a few hours, drink three or four beers, then go at it with the welder just to make things interesting!

What size thread is it?