Fireioka,
You can try first heating the spindle and key with a heat gun as hot as you can get it and then quickly cooling the key with a piece of ice produced in a typical home icemaker (the pieces of ice look like a Woodruff key). Then grab the key with a pair of ViseGrip pliers and tap the pliers side to side with a shop hammer. But if that doesn't work, don't worry about damaging the Woodruff key. They are cheap and readily available. And don't worry too much about damaging either the threads or the spacer. They are easily reparable. The only two consistently reliable ways to remove a thoroughly stuck Woodruff key that I know of are as follows:
1. With a dull chisel. Place the flat of the chisel on the threads with the tip up under the end of the key, raise the tip a few degrees, and strike the chisel smartly with a shop hammer. Then clean up the threads with a thread file (every machinist should have the two-piece set anyway). And go to Ace and buy a new key.
2. With a tool that looks somewhat like a small nail puller, pry bar or wrecking bar. Looks like a piece of flat bar with one end bent 90 degrees and beveled. Run the threaded collar (part that you called outer ring) back onto the spindle. Lay a thin (1/16" or so) piece of aluminum on top of the threads and place the pry bar against the top of the aluminum with the beveled end underneath the end of the key. Run the collar up tightly against the pry bar. Pull back smartly on the top of the pry bar to lever the key out of the slot. Go to Ace... etc.