If your talking about stock steel wheels you could either take it to a welding shop that does tig welding and have the pits filled then just clean it up and repaint OR have the entire hole welded up, grind and finish the weld (inside and out) and drill a new hole further along on the rim (then repaint). If I were to go with option #2, I would be sure to chose a spot for the new hole that is in the same relation to a lug hole as original so it woul look OEM.
