If all else fails, slip some copper tubing(or rolled pop can) down the hole till it hits bolt, fire up the stick welder, and tack a rod on it. The copper tubing keeps spatter off the threads, and you get a solid connection to twist with via the rod.

Never did it on a crank though, so don't hold me liable if it makes your cat learn line dancing, eats your shredder, or saves the planet.

1989 Dodge Power Ram 50 w/ no engine <- rotten frame <img src="/forums/images/graemlins/frown.gif" alt="" />
1988 Power Ram 50 2.6 Long Bed
1990 Mitsubishi MightyMax V6, swapping to the Daimler-Benz OM617 3.0L I5 diesel