One thing to try is getting an epoxy like jbweld.
Use something metal that won't twist and attach that with the jbweld to the screw.
Worked on an auto part once.
Just be careful to use jbweld sparingly, or it will make the situation worse.
Depends on the location and type of screw. One common solution is to use a tool such as a Dremel to cut a slot into the screw, and use a flathead screwdriver to remove it. This obviously doesn't work for very small screws.
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