Heli-coil sets are sold at auto parts stores, many hardware stores, and online in staggering variety of thread sizes and normally come with three basic components. You get a special oversized tap, heli-coil, and a installation tool. The tap is the same pitch as the threads you are replacing, but is larger enough to make room for the heli-coil. The heli-coils are stainless spring steel wire in a diamond profile wrapped to match your thread pitch and slightly larger in diameter. The installation tool allows you to turn the heli-coil into the hole from the bottom, contracting the heli-coil like when you twist a spring in or out of a tight hole, one way makes it tighter, while the other sets it free.
You start by drilling the hole to a standard size (as specified on the tap, if not already stripped to that point), then run the tap into the hole nice and straight, next you install the heli-coil with the tab in (after cleaning the hole, of course), then break off and remove the tab.
Most of the time it's that easy and then you have the proper size threads again and no one is the wiser! They rarely need anything other than the friction between the heli-coil and the material to keep them from backing out, but can be Loctited in place if needed. And since they bear on a larger area than the initial threads and are made of high strength steel, they are often stronger, especially in low strength materials. They are what I use and recommend in ANY stripped thread application you can get them into.
A Kit:
A Heli-coil:
And an installed cut-away: