what is stripped about it?
im assuming the bleeder screw itself is rounded off? if that is the case, a small pipe wrench or a brand new set of vise grips should be enough to get it out, sometimes the old vise grips dont grip as well and will just tear it up more. looks just like a brake bleeder to me, should be able to replace just the bleeder valve
if the threads are stripped out, you may have to replace the slave.
-Tim