That's exactly what it was like when my studs got stripped, not unheard of for this car. I just kept blasting mine with an impact driver until all the threads turned to goo.
DIY:
http://www.ft86club.com/forums/showthread.php?t=21563
Hypothesis about why they fail:
http://www.ft86club.com/forums/showthread.php?t=106898
Personal opinion, gotta be super careful taking the wheels on and off, I think the studs pick up crud easily and if you slide the wheel on the threads and hear a grating noise boom they're contaminated, gotta be more careful with this one than your typical car for some reason. Some people have zero problems despite heavy heavy usage, I think they're either lucky or very diligent due to past experience (and hence why they beat on this car so much). I switched to ARP studs and they've been pretty good for over a year now.
Here's what one of mine looked like after I got it off:
It's odd though, that stud doesn't look OE, and that nut definitely isn't. Are you running a spacer that has it's own studs in it like this?
