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Use this simple trick to unscrew a stripped screw or remove a screw that just doesn't want to budge. Place a rubber band between your screwdriver and the screw head and start unscrewing. The rubber band fills in the pieces that the stripped screw is missing, creating traction so you can remove it very easily.
Source: My dad
We all know how frustrating it can be if a screw is stripped and you need to remove it.
Everyone runs in to a stripped screw from time to time, and they can be a real pain! Here's a helpful tip to try: Place a wide rubber band on your screwdriver, stretching it lengthwise from the handle down across the tip. The rubber helps to 'fill in' the screw head and helps the screwdriver stay put without slipping, which also allows more torque! Works great!
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Anyone know how to remove a stripped screw from a wood chair without ruining the wood? Mark
You can purchase a screw extractor from Sears. I think the set of 2 or 3 were in the $15-20 range. My husband was surprised at how well they worked.
If you have a steady hand and a small drill bit you can drill into the screw itself to remove it - it will just come out in little shavings.