I've had more luck woth the welding trick than using an e-z out or drilling busted bolts,I always seem to end up breaking a bit or e-z out off in the dam bolt and have to either use a punch to chip it out or blow it out with the cutting torch..sometimes when its a thru-hole a cutting torch can blow the broken bolt right thru and out the other side,but it takes a good amount of skill to do it sucessfully..
Welding is difficult when the bolt is in cast iron or steel though,because its very easy to weld it right to the casting instead of the bolt alone...holding a nut over the broken bolt helps sheild the weld from sticking to the casting and helps you focus on getting the weld on just the bolt,then you can fill the nut in and let it cool,and hopefully have it come off with the bolt attached..this is much easier and more often successfull when the bolt is in an aluminum casting ,because you cant weld it to the aluminum,so its the prefered method on aluminum heads with busted exhaust manifold bolts ..
Drilling is difficult because its dam near impossible to get the drill dead center and keep it from wandering off center,especially if the bolt threads into aluminum..I often start off with a bit the same diameter as the bolt was,and use a dremel or carbide cone tipped burr to make the broken bolt square first,then use a center puch or the burr to make a center point to get the larger drill to start cutting centered--then go down to a 3/16" bit and drill thru,and then go up in size until hopefully the remains of the bolt comes out..usually the heat from drilling it will eventually break it free,and once you have a hole thru it it will tend to shink as it cools which will help out come free..
Good luck,I hate getting busted bolts out "in the truck"..it sucks bad enough when you can bring the part to a drill press or milling machine to drill it out..the MIG welder has saved my friend a lot of greif with broken bolts at his shop,once he got the hang of using it to remove them ..