I have a situation here… my fbl mikado counter sunk screw head that holds the swash driver to the main shaft has been stripped … I have tried my best to get this our by heating the unit and fixing a hex toll on my drill and turning it reverse but its made the situation worse.. I now have a round head and the hex drivers do not fit into the screw… (I did not use any loctite on the screw) any suggestions on how to get this damn thing out ?... not sure if a dremel will help… Have also tried to get some answers from other forums and will post it here if it works..

If the head is a metric size try an inch size key & vice versa. Also you can put araldite hammer in a slightly bigger key - let cure for 24 hrs and the give it a shot. This method has worked for me twice

Regards

One of the usual solutions is to cut a slot using the cutoff wheel on a dremel (you have to do this carefully, as the screw is already in a depressed position).  Then it becomes more of a bolt which can turned using a strong flat screw driver.  I can't say from the picture how much of the head of the screw is exposed outside for this work.

There is not much of projection on this bolt.. I will have to cut the swash driver too if I have to get to the bolt… will also bill’s idea of using araldite or jb weld and leave it for a day and them remove it.. hope this will help… also what will happen if I drill through the entire screw and then jam in a screw driver and turn it out?...

Of course, try the simpler solutions first

I was dealing with my own stripped bolt frustration this weekend. Your thread reminded me of a tool I had stored away and totally forgotten 
http://www.amazon.com/EXTRACTOR-SCREW-SPIRAL-SET-4PC/dp/B00008KISI

just take a drill of the thickness of the allenkey that you were using and drill through it then use a thread cutter and make a new tread in it then fix a bolt in it and pull it out.....

wish i could get it locally here.. tried today with some local hardware store but they dont have one... have placed JB weld on now.. will wait till tomorrow and will try to remove it... if not i will try to drill a groove with the dremel engraver tool  and will try to use a flat screw driver...

jb weld was placed the whole night and i tried to unscrew the bolt now (after 24 hours) but the jb weld gave away and i was in the same situation as earlier...took out my dremel and fitted it with a engravers tool - slowly and steadly started making a groove... placed the collar and the shaft on a burner, got a flat scew driver fitted in the bolt and gave it a pressurised yank and wow the bolt took a turn... from here it was quite easy to remove...

another way is to heat the screw....most probably this works...

I heat and hammer  . If its in a complicated position then drilling is a way to go after heating. If its a screw with a stripped head, then I file the ends of the head to make it look like a nut. and then use a nose plier to remove it.

unfortunatley its a counter sunk screw... the best bet would be to invest in a screw / stud remover that rotorzone has sent a link to.. it will be a priceless tool when you are in a fix like me...

Is it possible to make a slot on a stripped hex screw with an engraver so that it can be removed with a flat blade screwdriver?

I often have this problem due to excess threadlocker.

I drill out the screw, & run a tap (M3 or M4 as the case may be) and that's that

What I do is put some super glue in the allenkey and try to unscrew may not work for the first time.. but it will work for sure...

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But Arun, for a phillips head?

Heating and quick submerging in ice cold water/ice works better than normal heating. But making slot and using screwdriver is the last option except drilling out the screw and making Tap. Just keep in mind that both must not be cooled at same time. Just touch ice carefully.
Most of us forget to use refrigerator/ice to give thermal shock.

@Ajo: Is it countersunk? If so, the suggested tricks should work.

If it's a cap or button head screw, you can file the head off and use a pair of pliers to get the screw off. (Only possible if both surfaces aren't tapped which isn't the case on most cars anyways)

The screw extractor would be the easiest way out.