Here's a pretty good explanation of wiring 220.
http://www.nojolt.com/Understanding_...circuits.shtml
I'm assuming you mean the fuses are in parallel, one for each 110v circuit.
Yes, you can, and should, replace them with fuses rated for what you're running on the circuit. There's little chance of your new stove overloading the existing wiring, but using fuses more closely matched to the appliance will help protect the appliance wiring in the event of a short.
(not an electrician, but picked up a bit from my dad who was)