Put on goggles and work gloves.
Grip the bolt with vice grips. Hold the vice as hard as you can and twist the bolt counter-clockwise to release it. Sometimes all you need is to grip and twist to remove the bolt.
Place the bolt on a heat-safe surface if you still were unable to remove it. Turn your propane torch on and heat the bolt and the surrounding area until it appears dull red. Don't do this if heat will damage the area.
Grip the bolt with the vice grips again and attempt to remove the bolt. The heat will loosen the molecular bond between the bolt's threads and the surrounding area and it might make it easier to remove.
File the bolt head until it is perfectly flat if you were unable to remove the bolt.
Place a left-hand drill bit on your drill that is slightly smaller than the bolt shaft. Drill a ½ inch deep hole into the center of the bolt.
Hammer the right sized bolt removal bit over the bolt. The bit should fit very tightly over the bolt.
Unscrew the bolt with a wrench.