The screw that holds my strap is loose and can be pulled out by hand. I thought it would be a good idea to fix it before it comes out while I'm playing and my guitar falls to the floor..
I could put a bigger screw in or fill the hole with something and use the same screw. What do you suggest, and if it's the second option, what should I fill it with?

wood filler.
happened to my old guitar, as a matter of fact. wood filler works liike a charm
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yeah barefootboy is right. that's what i do. stick in the entire toothpick with some glue on the end and once its pushed in as far as possible break off all the toothpick outside of the hole. than stick in more pieces if the toothpick didn't fill up the hole all the way.
Go with the toothpick or wood sliver and a little wood glue. To you guys that use wood filler don't depend on it or your going to drop your guitar. This is a common repair I do all the time.

I do almost the same thing to repair stripped necks. I drill out the holes, glue in a peice of dowel of the same type of wood let it dry trim it redrill stater holes and reattach the neck. I have done it over 30 times now and not one complaint or problem.
This happened to me. I fixed it by coating the screw in Araldite (industrial strength adhesive) and putting the screw back into the hole, i left it to set for a couple of hours. this was months ago and ive had to problems, feels more solid than when i first got it. (I'm pretty rough with that guitar as well)
That, my friend, was a fail of epic proportions!

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