A little wood rot around screw holes

[bdtutton]

The wood is slightly rotted around some of the screw holes in my car. The previous owner solved the problem by putting in slightly larger screws and it seems to have worked for a while. The problem is they seem to have been over tightened and partially stripped. Several of the screws are losing their grip and I guess I could replace them with yet another size bigger, but in this modern day I was wondering if there was some sort of wood putty I could put into the holes and then re-drill them back to their original size and use the original size screw.