No matter what you do or what this looks like, DO NOT USE AN EASY OUT. This will only cause you pain, missery and heart ache. Just drill out the remaining bolt if there isn't enough sticking up to put vice grips on it and turn it out. Also, spray the hell out of it twice a day with liquid wrench for the next few days. Thats Liquid Wrench, not PB Blaster. PB Blaster is OK but it is literally only 1/2 as good as Liquid Wrench.
Just a guess, is it the intake bolt right next to the water neck ?
If you have to drill the thing out, just drill it carefully. Grind the shank flat if you can and ALWAYS center punch the shank to give your drill bit somewhere to start. Start with a smaller drill bit and then move to a larger size, don't hop up 1 size at a time as this will destroy your drill bits and is not neccessary. After you get the bolt shank you heli-coil the hole in the head and everything will be ok.
Yes, I've had to do this before.... again DO NOT USE AN EASY OUT unles of course you want to spend 2 days drilling through the hardened steel of the easy out with carbide drill bits and cuting oil.