theres a couple of different types, I think official names are "thread saver" and "time-certs " but dont quote me on that. Basically, you make the buggered up hole bigger, then thread the steel insert into the hole, some types are held by threads and some sort of epoxy. the outside threads of the insert hold it in, and there is a threaded hole in the center, which can be the same as your original, so you can use the stock hardware over again. The insert, being steel has strong threads and can take being torqued up to the proper spec. This job is not a complete walk in the park, tho, the insert has to be level and correctly installed or more night-mares will ensue.
Geoff