The craftsman bolt out's dont work at all. If you go to sears, they have an off-brand automotive damaged bolt remover that should work for you. They're basically like sockets, they come in a set with various sizes. You get the one that is just slightly smaller than your bolt head, and hammer it onto the bolt. It cuts grooves in the sides of the bolt head and then you turn it with a breaker bar or normal socket wrench. That's how I got a damaged bolt on my diff case out. I can post pictures of the tool later if you want so you know what to look for.
Alternately, you could get a reverse threaded drill bit (I'm serious). Get it sized a little smaller than the bolt diameter and drill through until it grabs and spins the bolt out.
Edit: Whoops, just looked at your picture and realized the head is completely gone. You're going to have to drill it out. You can try the reverse threaded bit to get the whole thing out, or just start with a small bit and drill all the way through and work your way up to larger bits until the bolt is gone.
