Spot removal doesn't work. If you play Lightning Bolt on a Squadron Hawk, he'll have three buddies right behind him to pick up the slack. It may delay you for a turn, but using spot removal will be a losing battle.
If you have a Naturalize or a Crush, you can destroy the Equipment that Stoneforge brings in. The problem is, you've used up a card in your hand and your opponent still has the 1/2 on the battlefield.
One card that's seeing more and more play to stop this combo it Tumble Magnet. It never actually destroys a creature, but it can stop the sword bearer in its tracks for 3 turns. And unlike Naturalize, it works against non-equipped creatures, it works well with Proliferate, and it can be replayed thanks to bounce effects.
The most effective thing to do against Caw-Blade is playing a creature that can destroy artifacts. The creatures in Standard that do this are Manic Vandal, Oxidda Scrapmelter, Kor Sacntifiers, Virridian Corupter, and Acidic Slime. These cards allow you to remove the sword, while still keeping a creature on the battlefield. It's really the only way to keep up with the card advantage that Stoneforge provides.
I've got a R/G/W decklist that both uses the combo effectively and has the power to stop it quickly. I'll put it up sometime later today or tomorrow.