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Alex, did you strip out the threads on the crank, cause an easy fix to stripping is to drill out the stripped threads with a slightly larger bit and then rethread it with tap and dye set. Although they are pricey.
Jon, you're on the right track, drill a hole in the bolt that's left and get a screw and bolt extracter kit. They are fairly cheap and simple. They have reverse threads so that when the bit goes in and tightens it backs out the stuck bolt. Also use some PB Blaster or some kind of chemical to destroy the rust, assuming that is your problem.
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First car: '90 240sx SE (stock) (still own)
Second car: '92 Honda Accord (2.5" exhaust) (5 mph flip into ditch trying to powerslide in gravel; Junkyard)
Third car: '98 240sx SE (stock) (still own)
Fourth car: '01 Sentra SE (stock) (just bought; $400)
Years of driving to cars owned ratio: 1.1
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