You didn't say what type of head is on the bolt - The flat head or cap screw type. If it's a cap screw type head a vise grip plier can be used to grab the outside of the head. Allen head screws are great, until you strip out their wrench socket.
Here are a few things that I've used to get them out:
1. Soak it in penetrating oil for several hours. WD-40 works, but KROIL works better, if you can find some.
2. Grind down the next size larger allen wrench just enough to make it fit tight and hammer it into the damaged socket.
3. Strike the head of the bolt straight on with a sharp hammer blow. The hammer blow should break the rust welds and make it easier to get out.
4. An impact type screwdriver is available for about $20 from auto parts stores. It has several hex style screwdriver bits with it, but you can get allen wrench style hex bits and insert them in it too. To use it you insert it into the screw and hit the top end with a hammer. This applies downward as well as rotational force to free the bolt and is quite effective.
5. Torch heat, but not enough to change the color of the metal, will expand the bolt and the surrounding metal. Then apply ice to the bolt head only. This should shrink the bolt slightly and make it easier to back out.
6. The easy out type screw removal bits do work, but usually only after soaking, or heating/cooling, and hammer blow techniques have been used to loosen the bolt. You will likely ruin the easy out bit while doing this because of the hardness of the bolt, but if it works, the cost of the bit is worth it.
7. A Dremel tool with a thin grinding disk can be used to cut a screwdriver slot in the head. Do this only after trying the other less destructive ideas above.
8. For screws and bolts that aren't as hard as allen head bolts I have had good success using left handed drill bits. The counter clockwise rotation of the bit will usually catch in the bolt head and rotate it out without any additional effort. Sometimes it is necessary to drill off the bolt head before it backs out, but this is usually not the case. A left handed drill set can be bought from tool and industrial suppliers for $20-30 and is good to keep around for such emergencies, but don't try them on allen bolts, as they are too hard and will destroy the drill bits.
Time, and sometimes a lot of patience, are necessary for success.
Using one or more of the above methods should get it out. Persistance and patience are the key here.
Charley