Threaded copper fitting stripped, whats my next move?
That looks like a standard '3/8 compression x 1/2" MIP' (male iron pipe) connector. You can get it at any hardware store.

Normal procedure is to cut the tubing above the fitting and install a new one. Your tubing does not look too good, you have to have fairly smooth tubing surface for the new compression fitting to be able to slide on and seal. You may have to cut a little farther up on the tube. Be VERY careful not to kink or bend the tube while cutting it.

This is how compression fittings work.

You may want to purchase a mini tubing cutter.  

http://www.youtube.com/watch?v=u77SJgIS4mY,