Yes, it does work after a fashion... it will heat, decay, and fall off in about 1500 miles.
Try the following:
1. Round out the edges of the hole.
2. Put a large scrwe up into the hole.
3. Cut some sheet metal ( soup can will do) about 4" square.
4. Get 4 LONG hose clamps and open 'em up.
5. Put two together so you have r2 REALLY long hose clamps.
6. Put the sheet metal over the bolt head.
7. Put the hose clamps over the sheet metal to hold it on.
Now if you're cheap like me... do the following:
1. Cut the sheet metal into a 2" square.
2. Drill a 1/8" hole into each corner of the sheet metal.
3. Center the sheet metal over the hole in the muffler.
4. Mark the hole positions on the muffler.
5. Drill the matching 1/8" holes in the muffler.
6. Buy 5 (you may screw one up!) steel pop rivets.
7. Pop rivet the muffler patch in place!
8. Paint it with some good high temp paint.
It will last longer than the muffler tape. If you want to you can use some hightemp muffler seal between the patch and the muffler.
You're done again!
I just read Sahara88's reply below, and there is a good fix for a hole in the exhaust pipe.... read on...
1. Go to the store and buy a can of your favorite Cambells Soup. Now hop ove rto the Autoparts store an buy two muffler clamps the size of your pipe.
2. Empty the can into a soup pan.
3. Wash the can and take off the label.
4. Cut out the bottom of the can.
5. Split the can down it's seam.
6. Put the Soup can over the hole in the pipe.
7. Put the muffler clamps over the soup can.
8. Tighten the clamps.
9. Go in and eat the soup, you deserve it.
This is a GREAT Trail fix!