There aren't many things that are more frustrating than a stripped out screw head. You can't drive it in and you can't back it out. But there is a solution -- a new screw removal tool, called a Grabit, which has a reamer on one end and the remover on the other end.
To use the Grabit, first load it into your cordless drill with the reamer end out and set the forward reverse switch to reverse. Apply moderate pressure as the reamer quickly cuts a cone shaped depression.
Next, loosen the drill chuck and reverse the tool so the remover end protrudes. Start the drill very slowly, again in reverse. As you apply pressure, the screw begins to back out.
The Grabit comes in two sizes, one for large screws and one for small. With a set of these in your pocket, stripped screw problems are a thing of the past.