Need to remove a stripped screw or bolt? This is one of the many ways to do it, only requires a dremel.
Step 1: Tools
Flat blad screwdriver
Dremel cut off wheel.
Step 2: Problem
As you can see this screw is stripped. (well not so bad..)
Step 3: Cut a notch...
So I am not your mom, but put on some safety glasses...
Then cut a smooth straight notch across the screw with your dremel. Don't make this too wide or your screwdriver will have a hard time catching.
Step 4: Remove it...
Now that your notch is cut, you use a large flat blade screwdriver to remove it.
Step 5: Still stuck?
If it is really stuck in there, like on some crazy metal on metal action, grab the handle with some pliers and turnwhile pushing down on the handle with your hand.