This might be a cheap and easy way to get it out.I used this tool on 3 broken wheel studs on my 86 SDL .If it doesn't get it to come out completely it will at least break off most of the remaining stud so that you won't have to drill much to get it out.


http://www.napaautoparts.com/MasterPages/NOLMaster.aspx?PageId=470&LineCode=SER&PartNumber=41764&Description=Stud+Extractor