I just had to extract one of the fairing bolts from my bike this afternoon. I bought some of the cheapo frame sliders, turns out they have ALUMINUM bolts supplied. I thought they were stainless! After 5 months in the bike the threads were galled up enough that it snapped right off when I tried to loosen it for an oil change. I'm replacing them with stainless, but that's another story...
To get it out, I center punched it (mine was flush with the frame), drilled it, and used a screw extractor. Before I put any torque on it, I used a small propane torch, heated the area, and then melted cutting wax into the threads. It works much better than any of the lubes/sprays available, the melting wax will work it's way into the threads almost immediately.