Issue: My locking pin is corroded/froze in the bore. It gets expensive buying pins sets every year from corrosion. I currently have a receiver pin that refuses to come out. Very annoying if I wanted to switch to a bike rack, meaning I can't.

Solution:

Sorry to hear about the corroded pin, this does happen when the pin is left in place for a long time, especially in areas where they salt or chemical spray the roads in the winter.  We moved to a redesigned stainless steel pin a few years ago to help with this problem.  These pins should last years if you maintenance the lock once in a while. You can do that by using a product like BoeShield T-9 to protect and lubricate the internals of the lock system.  This pin also has a stronger neck and a side cut key to help prevent theft. 

Lets address the hitch being stuck in the truck. There are a several different options: 

1. If you heat the hitch and pin using a torch a lot of times it will break the materials free and you can use a hammer and punch to remove the pin.
   

2. Use a Sawzall with a thin metal cutting blade to get between the receiver and the stinger of the rapid hitch to cut the pin. You can usually access it from the back side of the hitch.
   

3. Drill out the pin using a 5/8th drill. I’d suggest pre-drilling smaller holes first from the center out to keep the drill bit centered and prevent damage to you hitch.