stripped screw

when you say stripped; I assume the screw turns in the hole but does not unscrew or tighten...meaning the threads in the wood have been cross threaded and are now a shade too large for the screw to turn proper. right?
or is the slot or phillip slots worn off or broken?

in either case you can remove the screw with a reverse tap set. drill a hole into the screw...the scariest and most difficult step.
then you insert the reverse tap bit. as it screws into the hole the stripped screws begins to turn and come out.

Boy, it's really weird to see this post...seeing as I'm RIGHT NOW trying to replace some screws holding down the pick guard on my FB12. I was trying to unscrew them...but as old as they are...and as corroded...all's I did was router out the phillips crosses on 'em.

Now I'm trying this: super glue on the end of a thick toothpick. (Hey...this is great for getting out splinters stuck your own hide...so I think maybe I'll give it a go here!)

I got one out, turning it out carefully. Next...I'm using some Elmer's Glue...and a tissue. Soaking the minute bit of tissue and shoving it into the screw hole. (Done this on a boat heaps of times.) Let it set...replace a new screw.

Warning!

This is officially called "The Braille Method Of Guitar Repair"!

Cat

i stripped the slots. which was expected for a tiny thin screw set an inch deep through the pickguard and wood. the one i did get, was a major pita to remove.

There is a tool to remove striped screws, without having to drill and use a reverse screw thread. It has two sharp edges, like a drill bit, but they dig into the stripped slots and create their own hold on the screw head.
In the UK, I think they can be had from DIY stores - I'm pretty certain that they can be got from JML.

http://www.jmldirect.com/currency/GBP/Screw-Extractor-PS5616/

For round head (non-recessed, that is) screws and bolts, a diagonal cutter is an effective removal tool, as long as the required torque isn't extremely high. Position the cutters axial to the screw (dikes pointing along direction of the screw or bolt) and carefully squeeze to "bite" into the screwhead on either side. That should establish a good-enough grip on the screw. Don't release. Use the dikes as you would a large screwdriver handle to remove the screw or bolt.

For recessed screws, a screw removal tool may be necessary, but I've also had luck with using a Dremel tool and tiny cutter bit to reslot or drill into the offending piece enough for removal with a screwdriver, tiny Torx (good grip!) or similar.