Most likely though, if you have all the other screws out and only have one striped screw, the part should just pop off and you wouldn't have to drill the entire head off the screw.

I HAVE A WAY TO GET OUT THE STRIPED SCREW. Like you, I had screwed up and tried everything to get the screw out. Do NOT try the glue in that tiny hole, you will get the screw glued permanently in there. The rubber band doesn't work in that tight space either. As desperate as I was, I was trying anything from nail polish to cramming the screw driver in as hard as I possible could. Until I realized that I had a drill. Yes, with the smallest head, I drilled into the screw a little bit, messed with the part I was trying to get out, drilled a little more, messed around, and then finally on my last attempt, I had successfully drilled off the top of the screw rendering the part free. It doesn't matter which drill you use as long as you can fit the head into the hole. Then drill forward like you are trying to drill a hole through wood. Now the only problem is that the remainder of the screw will be stuck in its place. All you really have to do is get a set of pliers and twist that puppy out. And there you go!