Once again, I have seen an overwhelming amount of threads, and I have been receiving IM's asking "What do I do and how do I fix a screw that is stripped".
Well here is the simple answer, buy a screw extractor, like ones below.
Now, you need to drill a whole into the top of the stripped screw, and put the extractor in.
When an impact driver can't remove a screw, or there's not enough of the screw protruding to grip, the next step is to drill off the screw's head and then use a screw extractor.
A screw extractor is a very hard reverse-thread bit. You drill a hole into the screw, then carefully tap the proper extractor (which has a smaller initial diameter than the hole, and quickly flares out) into the hole, and use it to twist out what is left of the screw.
Boom, your screw is out.
Now, you probably should send it in to Dye to get that hole retapped, but if you're a badass, you can do it yourself. just buy a tap kit (a top of the line one can be found here
, but you can buy individual taps)
Now you just retap the hole that you took the stripped screw out of one size up, and replace the screw with a bigger one. Like magic, your old stripped screw is gone, you have retapped holes, and you can continue with your life.
Hope this helps, I kind of threw it together fast.