Some guy down the street from me uses a laser or something high tech like that.... my buddy had a stud break, while attempting to drill and retap, the hardened tip or the bit broke off and fused with the stud.... now it was impossible to drill out.... but this guy got it out! Wait, you live in TUSTIN??????? This guy is in Santa Ana!!
http://www.brokentap.com/
Good Luck,
Brian