I'm thinking that you mean the screw-hole, and not the screw itself since a simple screw would be easy to replace.
Anyway, yes... there is a way to fix it.
There's a liquid compound that woodworkers use for just such a problem. You squirt a dab in the hole, let it harden, and re-tap the hole so the screw will fit. the name of the compound escapes my memory, but I know it seems to work well.
Maybe someone else can help me out with the name of the stuff?