Broke my water pump bolt. Now what? (Update - broken bolt is out)

Several say here to heat the bolt. I say no. You heat the surrounding area, to expand the locking threads. Most of the time the reason a bolt breaks here is because the shoulder of the bolt is locked into corrosion from the pump or timing cover. I agree with the other options of removal but would like to add one more, if other ways do not work. Set a spacer on you drill bit to go as deep as the pump or cover, less 3/8 of an inch. That should remove the area of the corroded parts. Then you should be able to use vice grips to remove the rest of the bolt from the block. I always use a anti-seize in this application on the shoulder of the bolts.
Steel bolt in an Aluminum bolt boss, yes heat the surrounding areas to expand the aluminum.
Steel bolt in a steel bolt boss, again yes heat the surrounding areas to expand the steel.

But IRON blocks are different. The iron does not expand like steel or aluminum. in Iron I've had more luck heating the bolt cherry red and rap it a few times, reheat cherry red and quench the bolt with PB Buster.