Yes...drill into it from behind to remove as much as possible. This will likely destroy the drill bit used when it gets to the easy out, but that's cheap at this point. If necessary chew away a little more around the tip of the out with a Dremel and little ball grinder, punch the thing out. With careful eye for center you could drill out center of remaining bolt til it is just a shell, then pick out the threads...but I bet you have a crooked and off-center hole from drilling for the outener, which will make accurate drilling very difficult. If this is the case, enlarge existing hole til you begin to see the back of the threads at whatever point is closest. Start poking and prodding...at this point the remainder should be getting loose. With care you should be able to pick out the hollowed bolt and save the threads in the wheel.