stripped allen screw

so i bought a used cross bike and when the guy was trying to take the seat post out for shipping, he stripped the screw on the collar. what can i do to get this thing out now that it's stripped?

thanks

http://www.powertoolsonline.net/Prod...350/TL1308.jpg

screw extractor bits in the drill that fez suggested.

or ...... Also if you can get into the other side drilling a normal drill bit from that side might extract it a bit.

or ........ Might change the paint, but heat the bolt a bit too helps

or ......... Dremal a flat slot into the screw head and then use a flat head screw driver.

I'd drill the bolt out as a last option