I spent four hours today removing rivets and rusted bolts from a frame. I sometimes vary my technique a little because it gets boring sometimes.
My favorite approach is to cut an 'x' in the head, chisel the head off, and then hit the rivet with a punch to drive it out.
If that doesn't work I will drill the rivet and hit it again.
The same approach usually works for rusted boths too.
I don't like using a torch because I often end up cutting things I didn't want to that way.