I got the fuel/water light this morning, and then when i got to work about 18 miles away the light had gone out. I got under it before, and i looks like the previous owner may have stripped the plug out. Is there any other way to get this plug out? And should i replace it with the same type, or are there after market type plugs that work better?

 

You can try jb weld and bond in an allen wrench stub and use the appropriate wrench. Some have had luck with that. There's an after market thumb/knurled **** replacement. Just installs finger tight.
Look here.

DTS Articles - HFCM Water Separator Drain Plug Upgrade

 

I had the same problem with my plug being stripped I used left handed drill bits just started small went bigger till it came out. Then replaced it with the OEM updated plug.