I made the idiotic mistake of cross-threading a lug nut one day and ruining a stud. I ran a die around the bolt which worked temporarily, but there wasn't much meat left for the nut to grab, so I knew I had to replace it.
All the tutorials I read or watched suggested the only way to replace the stud required pulling the hub off, but I'm here to tell you IT AINT TRUE! Assuming you are replacing the stud with OEM (or only slightly longer) hardware, it's a thirty minute job and that includes putting your tools away.
Step 1: Remove wheel
Step 2: Remove brake caliper (do not let hang from brake line)
Step 3: Remove brake disk/drum
-Steps one through three are pretty simple, but if you haven't done it before, there are other tutorials you can reference. It took me longer to get the disk/drum off thanks to rust around the hub than to do the rest of the job. I little soak with some PB Blaster, and wacks with a rubber hammer and we were in business.
Step 4: remove the RIGHT emergency brake shoe. There are three springs and a clip, all very easy to manage. I took pics of all the components for easy reassembly (but you seriously shouldn't mess this up).
-Here's everything removed and placed to the side for reattachment.
Step 5: Position the offending wheel stud at the one to two o'clock position. This gives plenty of room for the stud to pop out of the back of the hub.
Step 6: Whack the stripped stud with a hammer - a couple good shots and it should pop right out the back, bounce off the floor, and roll under some shelves in your garage for you to forget about until you move three years from now.
-Congratulations, you now have an empty hole!
Step 7: Put your shiny new stud in said hole, throw a stack of washers on the lug, put the lug nut on (don't cross-thread it!), and tighten it down. This will draw the knurled section of the wheel stud into the hub. If you don't have open-ended lug nuts you may need to back the nut off and add an extra washer or two to get the stud fully seated.
Step 8: Put everything back together and make it look pretty like the first pics up top. Put the disk back on. Put the brake caliper back on. Put your wheel back on. Torque everything to manufacturer recommended specifications, etc.
Step 9: You're done. Why are you still here?
I have no idea if this will work on the front because I haven't been dumb enough to strip a front bolt... yet. Good luck, don't break yourself or your car.
UPDATE (over two years later): After posting this, I stripped a couple more of the OEM butter lugs, so I just replaced them all with this method.
It's even easier on the front wheels. Same basic premise but with fewer small springs and bits to lose.