How do I remove a stripped screw?

At Sears and maybe the tool department of DIY stores you can get what looks like reverse drill bits. They are used to bite into and remove stripped screws.

 

It won't show up till you go into disk utility and format it correctly

 

Simplest way I've found to remove a stripped screw is using a rubber band (simply placing it flat over the screw, press down and it usually works). Another method is to pour a small amount of glue (softer glue like elmers) into the screw and let it dry. then try pressing the screwdriver into the glue and unscrewing it.