An "easy out" is basically the same as what Fish is describing but it goes into your drill like a drill bit. It is reverse cut so as it turns it bites into the hole you made and backs the stud out. You tap it into the hole so it grabs and then put the drill on it or just clamp a vise grip on the end to turn it with. Ilike the drill cuz it allows you to exert downward pressure as you turn the bit. Set your drill to "very slow". They are made in different sizes to fit different size holes. Every auto parts store has them.
I use them all the time overseas works like a charm!