I've snapped a bolt off trying to change an exhaust on my motorbike. I've been advised to drill into the screw and then use a stud extractor (although I am now going to try the 'weld a nut to the end' as suggested first).
Failing that helicoiling is the other alternative but try and find a garage run by two old men and ask if they can do it for you while you wait (cheaper that way).
Sam
December 2008