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It's compatible with Old School Renaissance and original D&D monsters, dungeons, and adventure modules.

Let's take a hill giant from 1e:
AC 5, HD 8 (i.e. also attack bonus)

How does the skill system from WoD work with those values? Do I take AC as armor points and light weapons (d6) only do damage on a 6?

And the other way around: does the hill giant always hit me (lowest roll 2 plus 8 attack bonus >= 10, always a full success)?

(+4)

See John Harper's comment below about handling fights. You don't roll for the giant but for the PCs only: if the result is less than a full success, the character takes damage.

For one, I convert AC to armor in the following way: AC<2, armor 3; AC 2-5, armor 2; AC 6-7 armor 1; AC 8 or more, armor 0.