Ideas on removing a stubborn bolt?

[Evil Joe]

I snapped a water pump bolt inside the engine block. Removed the water pump and timing chain cover. I have good access to the broken bolt, but I CANNOT get it out! Vice grips just tear it apart and drilling doesn't seem to get me anywhere (I've tried both forward and reverse bits). The bolt is currently sticking out about 1/4 ".

Any ideas on how I can get this lil' bastard out?


Also, how does one determine if a harmonic balancer is bad? Mine has very minor, hairline cracks in the rubber section, but it doesn't look like anything major.