Am I able to replace the bolt in the hub to be quick release on a back wheel? I have this wheel and want to replace the skewer that it is tightened with to a quick release fitting is this possible?
The 'bolt' through the hub is actually an axle that is threaded along its length The wheel bearings are sandwiched between 'cup' surfaces in the hub and 'cones' that thread onto the axle.

The axle in this type of hub can be replaced if they get bent or damaged, they can also be replaced with a quick release type. The quick release type has a hole though it that accepts a quick release skewer shaft.

Replacing the axle is fairly straightforward, but requires making sure you get the correct length axle and re-assembling the bearings.

Here's a video from RJ the Bike Guy showing how to replace the axle.