Bhart:
Generally, you look at reduction in area caused by the corrosion and compare that to some allowable stress that you are comfortable with, or one that some code dictates. Maybe you design to tolerate some of this or as a function of how critical a failure would be. You look for defects like cracking and pitting which might act as stress raisers or critical notches, particularly in highly stressed areas or changes in cross section. Also, as a function of type of loading, type of material, and the environment causing the corrosion, there are different types of corrosion which might be more detrimental, more quickly, than others. You must study and define your problem better than you have in the OP. There are plenty of structural failures caused by these types of problems from which to learn.