It depends on what attack you are attempting to defend against. If the attack is someone viewing the database, then you could use a symmetric encryption method (like AES) with a key defined outside the database. Using this method requires the authentication procedure know the encryption key and you update all the rows in the database by encrypting the hashed password with the encryption key.
If the above is not an option, you have a problem. ;)
The problem is that right now you don't know what any user's password actually is. All you have is the hashed version. Your routine for verifying a login is to take the input supplied by the user, hash it, and compare the computed hash with the stored hash.
Your option would be to store the old hash and create a new field to store the new algorithm. Then as people log into the system, perform the upgraded salted-hash and delete the old hash. This will work as you expect, but if a person never logs back in (or changes their password) they will never upgrade to the salted version of the hash.
My personal opinion is to use the AES encrypted option since that prevents the casual viewing of hashed passwords and it covers all the passwords in the database.