I take it the head is off?
Various methods to get the remains out (in order of severity) after you spray some WD40 at it:
1. grab it with vicegrip pliers.
2. tap it anticlockwise (gently!) with a hammer and centre punch.
3.drill a hole in centre of it and use an Ezi-out.
4. drill a 3/16" hole
exactly in centre of of it. Nice and square too. Drill that out to 5/16", again nice and square. Carefully screw a 3/8" UNC taper or intermediate tap in there and it will clean out the thread.
If #1 & 2 don't work and you are aghast at trying the rest, take it to someone who has experience... it's easy to strip the thread in the hole if you are not careful.

_________________
DrMini- 1970 wasaMatic 1360, Mk1S crank, 86.6HP (ATW) =~125 @ crank, 45 Dellorto (38 chokes), RE282 sprint cam, 1.5 rockers, 11.0:1 C/R.
