you should try to use those things...
http://www.brokentap.com/easy-outs.html

 

When you said "stripped", I thought the threads were pulled out and was saying to myself "oh man, this is going to be fun." Fortunately you only rounded off the bolt head. If you can't tap a socket onto it and get it loosened that way, do like the other others said and grab that sucker with some Vice Grips.

 

http://www.amazon.com/IRWIN-394002-B.../dp/B0000EI9B6

These work great. But you will need to replace it and the washer anyways, so just clamp some vise grips on there and go for it.

 

Thanks for your assistance, I tried to file it down to see if I would be able to get a socket and/or wrench but that didn't work. So I went to sears and bought a "bolt-out" socket.

From there I took that socket, placed it on bolt (had to use the hammer to secure it on properly/tight) and it came off so easy.
Oh yeah the bolt and washer that I purchased cost $4 at the dealership.

Now I see that my waterpump has a little leak. (not sure if it would be better to buy a gasket or just replace it) I need to do some research on if I can do this or take it to the stealership.

 

Is the water pump leaking around the body or out of the weep hole on th front? If it's coming from the weep hole, then you need to replace the pump because that indicates that the seals are bad. Fortunately it looks pretty easy to replace, at least from looking at the manual.

 

From looking at pictures from google on what a weep whole looks like I would say that it isn't. It appears that it's more of a little drip as if the gasket is warn.