I recommend you read more about salts and how to use them. They should not be a constant string, but something unique to each user. For example username. Or my personal favorite: registration date (with the precision of 1 second, of course).
Also, if you store the passwords in your DB as MD5 hashes, there's no way to convert the passwords. MD5 is one way hashing, you can't obtain the original passwords in order to apply the salt and rehash. If you absolutely want to apply this, then the only way you can do this is force each user to change his password and apply the new algorithm when they do. There are 2 problems with this:
- most users are not going to like this
- you must keep track of which user made the change and which didn't. This is to prevent problems when logging in.