1996 Oldsmobile 98 Transmission pan

First of all, if you only have gasket sealer from a tube, be sure there is no trace of transmission fluid on the pan flange and transmission. Wipe everything down with brake parts cleaner or carburetor cleaner on a rag. Most of those sealers won't bond and seal through a film of oil. Chrysler's gray stuff will. Other manufacturers have the same sealers with their own name on it, but it's the Chrysler one I'm familiar with.

If you're in a bind, you can stick a short piece of solid copper wire into a stripped hole, then run the bolt in alongside it. The proper fix is to use a "Heli-Coil" repair kit. Take one of the bolts to any auto parts store and they'll find the kit to match it. You drill out the hole with the supplied drill bit, then tap it with the supplied tap. You wind in the spring, punch the end off, and that leaves you with a properly-tapped hole that's much stronger than any threads in aluminum. The only thing to watch for is the spring is all the way in. If a little of it is sticking up, it will prevent the pan from sitting flat against the transmission's surface. If that happens, use a small grinder to grind it down until it's flush.