I think I've a good idea of what you mean. The outer bearing cone has collapsed and the inner part of this is stuck on the shaft (nearest the thrust washer and castellated nut).
If it's the sort of hub I think it is (small, unbraked, 4 x 3/8" studs on a 4" PCD?) then the bearings will be the same size front and back. Ergo, if you do leave the hub nut on and you do manage to get it moving, then the chances are it'll fly over the top of the hub nut and you'll land on your backside anyway! Here's one that speaks from experience
Did something similar for a guy recently (minus the bum landing!). Does this look familiar? Except the bearing's stuck on the back of this one.
If so, a bit of heat may help the situation - if you can concentrate it on the stuck bearing then it may expand enough to help get it off.