As an update to my last post on that link that Bill posted above, I am happy to say that my repair work is still working as it should. On the other hand, I think that a better solution to the one that I used, and which might be appropriate to this thread, is to drill out the stripped part with the appropriate sized titanium drill bit for your bolt and then try a "well nut" similar to this:
http://www.amazon.com/Handiman-10-24...135601&sr=8-14
Not saying that I know it will work but based on my experience, I think it has a good chance for an easy fix. Good luck.
ps: That Amazon link is just for illustration - not for suggested size!