If you can't get ahold of the stud with pliers, you can try backing it out by using a punch or awl at an angle and tapping it with a hammer to "unscrew" it. Since you were putting the bolt back in, you know that it isn't rusted in place or anything, it should come out pretty easy. I would try this before spending money on a set of easy outs.

 

+1 for norcal, or get some left hand drill bits, or drill a hole in the middle and use a small easyout - if you break an easy out off in there your gonna hate life though.

 

im taking it to my mechanic..i showed it to him today..he reckons he can drill a small hole..get in a screw and unscrew the whole thing.....lets hope that does the trick....thanks for that tho