First, I'd try to tighten the nut to get the tapered stud to seat into the steering arm tight enough to loosen the nut without the stud turning. If that doesn't work, it's time to get the cutting torch out and cut the nut off. The stud is hardened steel and I don't know if a hack saw or sawzall blade is tough enough to cut it. Another idea is to use a cutting wheel on a Dremel tool to cut the nut off.
To get the drag link out of the steering arm, pull or pry on the link and smack the steering arm HARD with a hammer. Usually the jarring effect will break the tapered stud loose. If that doesn't work, you can use a "pickle fork" tool that can be bought at an auto parts store to separate the two.
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