I have to repair these sorts of things on a regular basis so I've learnt what works and whats good for DYI mechanics to waste their hard earned $$$$$ on ......
1/ SPRAY OILS ( wd40, inox, penetrene, etc )
If there is any movement in the bolt then this stuff will assist initally to gain a bit more movement. What generally happens is the lubricant frees up the thread but it also washes in fine grit & grim which again binds up the thread requiring more spray....... vicious circle begins.....
If there is no movement in the bolt then the spray oils are a complete waste of time unless you soak the part in the stuff for atleast a week ( you've got till monday ! ), ........ think about it, if the thread is that tight that the bolt wont turn then how the hell can the oil get down into the problem area ???
2/ EASY OUTS
Basically they are a left handed thread cone shaped bolt, you drill a hole down the guts of the broken bolt and then insert the easy out and as you screw in the easy out its sposed to grip the broken bolt and undo it.
Sounds simple and they do work some of the time, but  ....... usually what happens is the easy out snaps off ! The easy out is made form a tough steel but its brittle so it snaps rather then twists leavin a hard stub in the broken bolt......... drilling the easy out is easy IF you have a dimond tipped drill bit, if not then you'll distroy a few metal drill bits before giving up or you end up drilling down the side of the easy out  taking out half the broken bolt and some of the surounding housing !
3/ GIVING IT A TAP
Again  this works ........... occasionally ! but usually it damages either the alloy around the bolt or if a punch is used it "flares" the broken bolt making it even tighter in the thread.
4/ LOCKTITE PLIERS
Sometimes there is enough or the broken bolt left sticking out to get a grip on ........ lets face it, if the bolt broke using a rachet then why wouldnt it brake again using the pliers ????? after all the thing is seized but its amazing how many ppl think that a differant tool will magically undo it !
There is only one way that works 100% of the time......
There is only one way that will remove the broken bolt with out phucking the thread.....
There is only one way that this can be done without spending $$$$ on useless tools and oils.....
There is only one way that you can do this without spending hours of frustrating swearing and cussing and leaving your self in a worse state....
and the magic stuff is called ......
HEAT !
weld a nut to the broken stud, pour cold water over it ASAP, undo the nut bringing the stud with it.
or 
drill a hole down through the guts of the broken bolt, apply heat down through the drilled hole till the broken stub is glowing red , again add cold water, .......... now you'll find ya easyout will work !
or
Drill out the bolt taking the thread aswell and then get a 'HELICOIL' kit from an auto shop ( instructions are in the kit )
and .........
have a nice day  
 
 
Kingy
[color=blue][size=150][b]And your cry-baby, whinyassed opinion would be.....? [/b][/size][/color]