Definitely use an Easy-Out.. They work. It comes with drill bits and easy out bits... You drill a hole in the center of that broken bolt(use a center punch and hammer to make a divot in the center for the drill bit to catch) then you use an easy out and a wrench.. Also, before you do all this, spray some PB Blaster penetrating oil to loosen it up a bit. If its still stubborn and the easy out is having a hard time, get a propane torch and heat up the metal around the bolt to loose it up too.
Or go buy an easy out set.