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heres another vote for welding a washer and nut to the stud. After it cools to just warm, flood it with Kroil. Liquid Wrench or PB blaster. The cooling threads will draw the penetrant in. I use an air impact wrench, as the hammering helps loosen the stud.
heres a link to Vince's site on how best to perform this task:
http://www.fordgarage.com/pages/studremoval.htm