Stripped screw head?

Its bound to happen sooner or later, you go to remove an old rusty screw and the head stips out to where the screwdriver won't fit tight and slips.
Here is a couple of things you might try.
If the head is exposed you can cut a deeper slot or a cross slot using a hacksaw.

Take a drill and drill a small hole in the center of the stripped screw. Use a punch to make a little indent first so the drill bit does not wander. Once the small hole is drilled you can,
1. Take the end of a file that normally fits into a wood handle ( its square) and lightly tap it into the hole you drilled. Once it "bites" you might get lucky and it will back right out.
2. Drill the hole as above, then go to a slightly larger drill bit and drill out more. At this point you can take a small phillips head, lightly tap it into the hole and again, if you are lucky it will back out.
3. Both the above failed so go to a larger bit and drill out the screw entirely. Forget Screw Extractors!! Most times they break off then you have a real mess.

Sears recently came out with a nifty tool that looks like a screwdriver and it "bites" into the damaged screw head to where you can back it out. Looks like this, tool made by Alden Corp.
http://www.aldn.com
Toll-Free (US) 800-832-5336