If you try to spin it with a wrench, can you see the stud moving, or is it just the nut spinning? If the nut is just spinning, that means the threads under the nut are stripped. In this case, your best bet would be to use an extractor (easy out) after drilling directly in the center of the end of the stud.
If the whole stud is spinning, its threads or the threads of the knuckle are stripped. You should be able to get the knuckle off to make it easier to reach the backside of the stud. Then, you can try tapping the stud with a hammer and punch while spinning it.