First, useless ('cause the socket's already stripped), and maybe something you already know: if you're removing a bunch of bolts from something and one is particularly troublesome, put all the other ones back in nice and tight and try the bad one.
Second, I have heard from old mechanics that a solution of alum and water will dissolve steel but not aluminum. It's a specific remedy for steel fasteners that are stuck in aluminum parts. So if you drill out the bolt and can't get the stub out, there's still hope.
Third, I never give up on a stuck fastener until I've let it soak in penetrating oil for at least a week. So if you do drill it out and it doesn't come out immediately, drench it with oil and let it sit for a good long time.
Forth, another tidbit I've heard from old mechanics is that not all penetrating oils are equal -- whenever the subject comes up on the metalworking newsgroup I hang out in, Kroil gets mentioned.
Fifth, if you do drill and wrench on the stub, head the end of the bolt up with a soldering iron and quench it in water, maybe a few times. If you're lucky, that'll heat-shock whatever gunk is holding stuff together.
Sixth -- I guaren no tees here. You may try all of this and still have it fail.