Is my crank ruined?

I want to change my crank to a higher grade one but the problem is that i have cross-threaded the bit where the crank extractor tool is supposed to go. (3pc crank with square taper)
Is there any way of removing the crank or bottom bracket or do i have to buy a new frame as well?
Is there any way of removing the crank or bottom bracket or do i have to buy a new frame as well?
My god road cycling is scary! I'm going to keep my relaxing rides to the trails where everything is green, fast and less crazy.
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Go for a ride with the bolt out the pressure will cause the arm to finally come off.
Angle grinder through the axel.
Parktools :?:SheldonBrown