Sometimes drilling a new hole isn't an option when screws get pulled out. For example my screen door. If I drill new holes the door won't hang correctly anymore. Try this simple trick...
Shove a golf tee in the stripped hole. Use a hammer to get it good and deep but tap gently so you don't split the relatively soft wood of the golf tee.
Get it in as far as it'll go.
Use a hacksaw blade to trim off the excess. Or, alternatively, a swift side-swipe with the hammer should give you a clean enough break.
Now you have fresh new wood for the screw.
Ta-da! Nice job.