Well, if the threads were chased with a tap, you might get purchase, but it sounds like you're not going to get that here.
If it's a BSC/British thread, you can get the bottom bracket shell tapped to the Italian standard, and use 1mm spacer on each side to get the BB located properly (italian BB has a slightly larger thread diameter and is a 70mm shell instead of BSC 68mm). There was a Sheldon Brown article about this but I can't find it for you.
Otherwise, "threadless" bottom brackets exist for square taper cranks (and some 24mm spindle cranks) that tighten on themselves rather than the threads in the bottom bracket. Thay have their own problems but will be the cheapest/quickest solution for you.
If your frame already has Italian threads and they are totally ruined, you might be out of luck without major surgery. Though there are still ways to repair these things, the processes quickly start to become uneconomic depending on the value of the frame.