Or if you have a spare screw, try a reverse drill bit (some call it a left hand bit). However this WILL destror the screw. (may be purchased at above mentioned auto parts store, if not try ACE hardware ect...)
You could try cutting the end off a cheap screwdriver with a shaft of the appropriate size and using some 4 minute epoxy to glue it to the screw. You need a new screw anyway. Be careful you don't get the epoxy everywhere.
"Stripped" could mean the screw's threads (and / or its hole's threads) are stripped so that turning the screw does not make it come out; or, it could mean that you are unable to turn the screw because the slot on top is rounded out. I suspect yours is the latter case, and the posts indicate you had a Phillips slot (looks like "+"). The Dremel could be used to cut a single straight slot in the screw top. You might also be able to do this with a small hacksaw (or even a hand-held hacksaw blade). But in both cases you will create metal chips that fly around, so you MUST clean those all out. Then a screwdriver may get it. Or, as others have said, pliers or small vise-grips may be able to grab the head edges without cutting a new slot (that avoids spreading metal chips).
If it's a stripped thread situation, though, a different approach may help. Provided the screw can be turned, you try to work a very thin knife blade under the egde of the screw gently, THEN turn the screw slowly back. As you turn, twist the blade under the head to pry it it gently up, so that it sort of follows the ruined thread anyway and the screw actually turns out. That will get it out, then you have to figure how to replace it.