Bleeder valve stuck crushed-what should I do

Hi-i am starting a new thread. I have one older bleeder valve I was trying to replace. I have use vice grips and even a 2-foot pipe wrench and nothing will budge it. The valve had now been crushed and I don't know what to do.

I changed a couple others no sweat, they were old. This one was newer and it looks like it is fully cranked down. It seems to still be holding pressure, when I turn the screw I hear the hiss and I can then close it.

Couple things:

• The system is empty- the hiss is from water falling out.
  
• I was working on a bigger project on another thread-this was the last step-was helped by this board-hoping for a little more.
  
• This is a hot water circulation system (no steam)
  

I am considering:

1. just crushing the thing and trying harder to turn it out
   
2. Maybe a blow torch?
   
3. Maybe drill out the middle and use needle nose to pull out the reaming metal-trying to preserve the threads?
   
4. Just leave it-this irks me to do this
   
5. What else???
   

Would appreciate advice-I search and could not find much.