Quote Originally Posted by porkies
left hand die, screw new bolt in and as it 'bites' it should unscrew the old bolt
I think you mean a Tap instead of Die, which you would still need to drill a hole, so may as well just drill the old one out and run the corret Tap down the hole to clear the existing thread

Other option is to mig a nut onto the old bolt and turn it out - but can't see why a drill wouldn't do the job - just for sanity, you are using a drill bit suitable for metal and not a wood one?