Their is one other option that has not been mentioned yet, you can use stud extractrors, you get the right sized extractor, drill into the bolt, then start winding the extractor in, the extractor drives in anti clockwise, and due to it being tappered, tightens in the hole with each turn, eventually it gets so tight, that it breaks the bolt free, the bad part is, if you break the stud extractor in the hole, you will never manage to drill through that stud extractor, in order to re cut the threads in the hole.