A method and apparatus are provided for use in fabricating rotary cone drill bits from multiple drill bit segments. Each drill bit segment (40) preferably includes a first portion (50) with mating surfaces (61, 62) designed to be aligned with mating surfaces (61, 62) of other drill bit segments (40) and a second portion (80) which includes a support arm (90) with a cutter cone assembly (100) rotatably mounted thereon. A recess (70) having a generally spherical surface is formed within the first portion (50) of each drill bit segment (40) such that when the respective drill bit segments (40) are aligned with each other, the spherical recesses (70) cooperate with each other to define a generally spherical cavity. A ball (72) is disposed within the resulting spherical cavity when the drill bit segments are joined with each other to form the bit body (42) for the resulting rotary cone drill bit (20). The ball (72) and spherical recesses (70) cooperate with each other to allow alignment of the respective drill bit segments (40) relative to each other prior to welding.