jeebus, you guys are crazy. just take it to your LBS where there's bound to be someone who has done this before. Have you ever drilled through a bolt before, being careful not to wreck the threads of the thing it's threaded through? Do you have a drill press? Have you ever used a screw extractor? More importantly, do you own a screw extractor? It probably costs as much to buy as it would to have your LBS do the job for you ($10 or so). Plus, if they screw up, it's their fault, not yours. Why risk doing it yourself, especially when you don't even know the correct method for doing so, and ESPECIALLY when you're just going on what a bunch of internet strangers say - people that haven't done it themselves either.