Remove the screws that hold the door to its hinges with a Phillips head screwdriver turned counterclockwise. Set the door aside.
Slice the wooden threshold's rubber weatherstripping with a utility knife. Grip the cut end of the weatherstripping with a pair of pliers and pull the weatherstripping from the threshold, exposing the threshold's mounting screws.
Remove the threshold's mounting screws with the Phillips head screwdriver turned counterclockwise. The mounting screws hold the wooden threshold to the bottom of the door frame's channel.
Cut through the center of the wooden threshold with a reciprocating saw. Use care to avoid damaging the flooring with the saw's blade.
Force a pry bar under the wooden threshold and lift the center of the threshold out of the door frame's channel. The threshold will break along the center cut. Pull each half of the old threshold out of the door frame's channel.
Clean the debris from the door frame's channel with a floor scraper.
Measure the door frame's channel length with a tape measure. Subtract 1/8-inch from the measurement and transfer the total to a new wood channel threshold, placing a pencil mark at the appropriate spot on the threshold.
Cut the new wooden threshold along the measurement mark with the reciprocating saw, using care to make a straight cut.
Run a bead of exterior-grade caulk along the perimeter of the door frame's channel. Place an S-shaped bead across the length of the channel.
Slip the new wooden threshold into the door frame's channel. Press the threshold down into the caulk. Excess caulk should fill the void along each side of the threshold.
Insert the threshold's mounting screws into its screw holes and tighten the screws with the Phillips head screwdriver.
Set the weatherstripping into the threshold's weatherstripping slot. Push the sides of the weatherstripping into the slot.
Clean any excess caulking from the wooden channel threshold's surface with a rag.
Position the door against its hinges. Tighten the hinge screws with the Phillips head screwdriver.