97 blazer 4x4 caliper bolt problem

i hope that someone has some advice....my brakes went...i was broke....now i need a new rotor. I bought the rotor last night...went to go and change it out and the caliper bolt is stuck...and I mean really really stuck. We ended up breaking the head of the bolt. I don't know how...superman took over my friend's arm. Anyway, there is a debate on if we should drill the bolt out with bolt extractor bits or if it can be cut out. The point is to save the caliper and replace the bolt. As it is right now, the rotor is cracked and it can't be driven. Any advice on the best way to get the bolt out????? Any advice would be awesome.

we got the caliper bolt off which is great...but i am still stuck in 4x4. any ideas???