Well..let me tell you what happened. Drilled the bolt all the way through and started screwing in the easy out. Anyone wanna guess what happened next???? Yup, easy out broke in the hole. I had to call my buddy who is a machinest to come over. He had some nasty looking cutting bits that were razor sharp and his dye grinder. He bored out the hole and ran a tap through (little at a time with some good cutting lube). Took him about a half hour.
When he left he took my easy out kit and threw it in the trash. He told me to never use easy outs because 90% of the time its gonna end bad.
If the bolt breaks because it is RUSTED STUCK, an easy out isn't going to make it any looser. As he said, 90% of the time, the easy out will break, as those are very hard, brittle, and where they screw inside, they are smaller than the original bolt.
HEAT is what is required to break the bonds of something that is rusted... and it has to get RED HOT. A propane torch won't to ANYTHING. They just don't get hot enough.
What works best for me, is to weld a nut to a bolt that's broken off flush with the surface. This adds the heat required to break the rust bond, AND gives you a way to turn it out. Chances are, after the nut is welded to the bolt, it will back out easily.
Good Luck!