The threading is not stripped. But the inner part where you insert the bottom bracket tool is stripped. When I inserted the bottom bracket tool, and using a lot of force to unscrew the bottom bracket, it grinded out the teeth of the inner part of bottom bracket...And yes, obviously the bottom bracket is so tight due to either corrosion, or the previous owner not greasing the bb properly and maybe even used some sort of chemical like loctite to make it so tight...Since you suggest possibly cutting out the bottom bracket, what type of cutting tool do you suggest? Don't forget the spindle is still there so, I would have to work around it in order to start cutting the bottom bracket...