Craftsman GP Cutting Fluid works well.

http://www.sears.com/shc/s/p_10153_12605_00952329000P?vName=Tools&cName=HandTools,GeneralPurpose&sName=Bolt-Out,%20Taps%20&%20Dies&psid=FROOGLE01&sid=IDx20070921x00003a


I regularly have to cut out stainless bolts on the medical equipment I work on. It is bleached daily so corrosion is inevitable.


BUY LEFT HAND THREAD DRILL BITS!