Tip - How can I remove a broken easy out?

All reviews of Cool Tools on this site are written by readers who have actually used the tool and others like it. I recently sheared two bolts off in two recessed holes, so I ran over to Home Depot and bought a set of black and decker easy outs and a drill bit set. The first bolt came out without a problem. While backing out the second bolt, however, the easy out broke off below the surface of the hole. Does anyone have any ideas on how to get out the bolt and easy out without enlarging the hole that they are recessed in? Clarification: The hole is about 1/2 inch in diameter, and the bolt is about 1/4 inch.
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