How to replace a chevy wheel stud
Replacing a wheel stud is a job that for some reason can make many people nervous. Well, rest easy. 
I'm going to show you how simple a wheel stud replacement can be. The wheel stud we are replacing is on my 64 Chevy Impala. This wheel stud broke because damaged threads caused the lug nut to go on too tight when the wheel was installed and the nut became seized over time. When the lug nut was removed, the wheel stud broke off. I replaced 3 wheel studs in under 90 minutes, at a leisurely pace, including the time to jack up the car on each side. One wheel stud was broken on each side and I replaced an additional wheel stud because of bad threads.
After the wheel came off, the brake drum was stuck. 
It wasn't serious, it just required a small shot of penetrating oil 
on the axle hub and a dozen or so taps around the perimeter of the drum to get the brake drum off. While the brake drum is off, it makes sense to be sure the brake shoes are not too worn
I did it Myself!With Tools and Instruction
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I used a long punch to remove the broken wheel stud. You will want to be sure you use a punch that is slightly smaller than 
the diameter of the broken wheel stud. Hitting the broken wheel stud directly with the hammer is not a good idea since you could hit the axle hub. The axle hub is not likely to suffer from any damage, but the force of the hammer will be transfered to the wheel bearings and differential.
Clean the hole after removing the broken chevy wheel stud. It may appear to be rusty, but don't be tempted to use anything that could make the hole larger. I used a small wire brush to clean this one.
Spray the spline on the new stud with a shot of penetrating oil for lubrication. 
I used 2 washers between the wheel nut and the axle hub to provide some friction relief when the nut meets the axle hub. Note that I turned the lug nut around backwards so the flat would be against the washers as I tightened the lug nut to draw the wheel stud into the hole.
Installing the new chevy wheel stud
The end result is what you see here. Be sure to check behind the axle hub. You want the shoulder on the wheel stud to seated against the backside of the axle hub. Remove the lug nut 
and washers and repeat the process for any other defective wheel stud. Since the brake drum was a bit of work to remove we want to be sure 
we remove any rust scale around the axle hub. Lightly sand the interior of the center hole in the brake drum as well. All you are doing here is being sure it is clean, you DON'T want to remove any metal.
Now that the new wheel stud is in place you can replace the brake drum. Wipe off any excess penetrating oil. The penetrating oil will make it's way to the brake shoe surface once the rotational force of the spinning wheel pulls it outwards. Take note of any diffculty reinstalling the brake drum and deal with it then. You should not have to use any considerable force to replace it. DO NOT use a hammer when reinstalling it, you could be sorry.
All 5 wheel studs in use.
Here is the finished product. The new chevy wheel stud will instill the confidence that your wheel won't break off another wheel stud when you least need to deal with it.