Noticed the bolt was not tightend, or so I thought !

any who, since its in quite a critical area, and oil prices what they are haha.
i dont fancy topping it up every week, , how do you repair a stripped bolt hole, I thinks it a M3 nut about
LI--------------------- this long haha.
Cheers,
Also it i just take the crank case cover off, will it just spew out oil, do i need to drain the oil 1st?
Thanks
Simon