FYI, there are tools to remove stripped bolts - sears has them too. they look like a regular socket except inside is a twisting tooth design that cuts into the metal while getting tighter. They work on anything really- great for studs, bolts, allen heads. etc. They have saved me many times. If you get the Craftsman set, be sure it is the set designed for 3/8 drive, not wrench.
I just used one to take out the bottom bolt on my starter since a previous mech had fully stripped it.
worked like a charm.
http://www.sears.com/sr/javasr/product.do?BV_UseBVCookie=Yes&vertical=TOOL&pid=00952160000&subcat=Taps+%26+Dies