Previous posts have covered most of what I would recommend;
• Remove the bolt & check to see if you still have an extractor. Broken extractors happen with the Model 700 rifle more than they should.
• Wrap the rifle with several towels or a blanket to contain and case fragments under the extremely remote chance the shell goes off. Stand the rifle on its' butt & secure it so you can work on it.
• Drive the shell out using a cleaning rod but DO NOT put your hand over the rod. (Although there's less than a 1 in a million chance of making a shell go off by driving the bullet, why risk serious injury?) Steel transmits shock much better than aluminum, so if a aluminum rod won't drive it out, use a steel one.
• When trying to break something free, "shock" does more good than steady pressure. Hold the cleaning rod by the sides with it against the bullet & hit it sharply. (The 2x4 recommended earlier is a good idea if you don't have a mallet available.) You should get it out easily.
•*If this doesn't work you can freeze the gun & try again. Freezing works since brass contracts more per degree cooled than steel does. (The coefficient of thermal expansion, the change in size per degree changed, for brass is about 30% higher than for steel.) That makes the case looser in the chamber.
•*If that doesn't work, and I would be shocked to get to this stage, you can pull the bullet with a screw-in bullet puller. These are used with black-powder rifles if the powder gets damp & won't fire. If you get to this stage I suspect there is A LOT more going on here than "just" a stuck shell. I would question whether it's the right caliber bullet.
I've only once had to drill out a bullet, but that's a long story for another time.
Let us know what happens!