Even if you've never a stripped a screw yourself (haha), you're likely to come across one when you're upcycling some old piece of furniture, cabinet door or the like. And when that rubber band trick fails, I pull out my trusty little Dremel.
In a matter of moments I had this horrible little booger....
...reslotted and ready to remove. You'll need a heavy duty cutting wheel for your Dremel, but then it really is as easy as this:
Look at that beautiful cut! Well, at least as beautiful as a chewed up screw head can be.
So for the recap:
1. Don't forget your protective eye glass and gloves wouldn't hurt either as there will be sparks.
2. Insert the cutting wheel into your Dremel.
3. Turn your Dremel on high and slice either a deeper cut in the existing groove if it isn't too chewed up or make a new one.
So there it is...easy as, yep you guessed it, 1 2 3.