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craftsman makes a drill bit set that is designed to remove rounded off bolts. Get a good drill (not portable) and go to town on it. It basically grinds it self into the bolt, grabs it, and then you are allowed to pull it out.
actually now that I think about it, that would help you much if the threads are stripped...duh. You might just want to drill it.
I don't now how accessible this bolt is, but a lot of times I have luck getting a very small flathead underneath the head of the bolt, and apply upward pressure on it. That can sometimes allow the remaining thread to maybe catch, and then you can screw it out the rest of the way. follow me?
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