The two screws on my guitar (I have a Schecter C-1+ but whatever) keep falling out, the ones that hold the bolts in place to hang your guitar strap on. This is obviously because the grainy wood on the inside has chipped away and there's nothing for the screw to grab on to. So I figured one way to maybe do it is fill up the hole with expanding foam and then drill a new hole, but I'm also concerned that doing that might compromise the integrity of my guitar in some way. Another way that I figure would be more permanent would be to get some wood glue or epoxy and spread it on the screw and leave it in there since I dont really care about ever unscrewing them in my lifetime.

So which method would you recommend for fixing this problem?
Wow, quality wood for that to happen on such a higher priced guitar. Anyway you have two options. One is to simply use a marginally bigger screw. Option is to glue in a dowel and redrill.
the toothpick trick, or straplocks. installing dimarzio straplocks made me a happy guy.
Quote by Useful_Idiot16
Haha, this is great. He had $1000, and got a spider. That salesman deserves a god damn medal.

ESP LTD Viper 400
Silvertone SS11 strat copy (possibly modding in future)
Alvarez AD70S acoustic

Roland Cube 60
Another standard technique is to mix fine sawdust with wood glue and stuff the mix into the hole with toothpicks. Let it dry. Then start over.
Strap locks wont help here because the SCREW has nothing to grip on. That doesnt mean that getting straplocks once you've fixed it isnt a bad idea.

Just get some wood glue and a toothpick or two. Cut the toothpick to size and glue it in the hole. That should provide enough grip for the screw to stick.
For those who care.
Current Gear
Cort Zenox Z42
Flextone II
Charvel USA So-Cal
Farida M2 Parlour Acoustic
Admira Hand-built Spanish Acoustic
Blackstar HT-5H
Line 6 M13