That's one of the crankcase main bearing bolts. It bolts the top and bottom halves of the crankcase together right next to the main bearings. You can replace it for sure, but you might want to find out why it's leaking oil first. It's more than a little possible that you have a crack in the crankcase that's letting oil into that hole.
You also shouldn't have to let the oil out in order to replace it. In fact, if there's nothing wrong, there shouldn't be any oil in that hole at all. Are you sure that bolt is leaking oil, or is there an oil leak nearby that is running down to and dripping off of that bolt? Oil leaks can be very misleading.