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Is that in one of the O2 bungs? If it was put in without anti-seize compound, then the threads could be fused. This would be bad. (Removing a fused bolt will likely destroy the threads.)
^ If this is fused, that will definitely not work. A breaker bar will be required and then a $250 special O2 Heli-Coil kit will be required to restore the threads.
Shouldn't, once you get that bung red hot it will turn out easily. Its your only option, that bolt is rusted fast to the bung from moisture in the exhaust.
I'v had good luck with those Irwin bolt grip extractors. They have the Reverse spiral flutes. What do you think about using those after heating the bung?
Quick update. I tried using a small handheld torch but that didn't work. Took it to a local muffler shop and maybe 10 seconds with there torch and a big pair off channel locks it came right now. Total time maybe 30 seconds and $0.00!
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Stripped bolt 
