IT WORKED!!! I used a fender washer with a 3/16" hole. It welded real easy to the stud. Then I welded a 5/16" nut to it. By the time I filled the nut from the inside with weld, it was red hot. I waited until it wasn't red anymore, and it backed right out with a 1/2" wrench. I'm sure the PB Blaster had something to do with that. I sprayed about 3 coats of it on the broken stud over the course of a couple hours.

Thanks again for all the help guys. I appreciate it.