no prob, you need whats called a screw extractor. It is a bit that attaches to your power drill... you have a power drill dontcha? borrow one if yah don't. This ought to tell you how to use the screw extractor. Might save you a lot of time and money. http://www.bluepoof.com/motorcycles/howto/screw_extractor/
also, if you break the extractor bit (very unlikely) you'll have to either have it burned out or replace the whole assembly, which is what you're looking at doing now.