I was pulling the brakes off to replace the brake lines, pads, paint and all around freshen up. I had 7 of the 8 caliper bolts off when the bottom bolt in the rear stripped out. This is the one you have to have the extra long allen wrench for as it passes through the suspension. Freakin' great. This one (being last) got the most penetrating oil too.
I tried an extraction kit from Harbor Freight but they were either too fat or too short. I tried one from Sears but I broke it in like 5 minutes. I started drilling out the head (and got pretty far along) but started to worry about damaging the caliper when I noticed the bit wasn't staying centered.
I ended up drilling the head from the bottom and put a nail punch with a socket extension on it and "bounced" it a few times. Finally I heard the "crack" I was looking for. I drilled additional holes to keep the bolt spinning.
It just so happened my son came out as I changed gears and went this route. He's my lucky charm (tonight even more so). Relieved, I'm treating him to a movie and popcorn. For me, time for a