I work for the Port of Baltimore as a mechanic where we stock pile de-icing salt. I've become somewhat of a pro at getting broken, rusted, bolts and nuts out.
The washer trick, definitely do that one. Even if you have to build up your stud and put a little ****** on it. Here's another tip, try to find self locking nuts, the ones that are tapered on one side of the nut. If you can't find any, put a little bevel on one side of the nut all the way around. It'll give you a little more meat to weld to.
A mapp gas torch is all I use most of the time. The best tool you can use here is PATIENCE. Once you get your washers and nut welded to the stud, don't hulk the **** out of it as soon as you put your wrench of vice grips to the nut! You wanna rock it back and forth, with some force, but not so much that you rip your weld off. Once you feel that first little crack, you've got it! Use PB blast, WD40 or any other kind of lube and keep working at it. Still....don't get ambitious and think because its moving you can run it right out. Take your time, heat it up a few times with the torch and let it cool a little. The heating and cooling will expand the stud and push against the corrosion, and when the stud cools and shrinks the corrosion doesn't because its not metal anymore.
These are from a 3116 Cat motor 2 years ago. I tried to cut off most of the heads of the bolts so I could have a little meat to grab to.