1965 Volkswagen Beetle stripped spark plug

Yank it out and use a heli coil or send it to the machine shop

Unfortunately thats your only option. You might want to try pulling real hard with vise grip on plug and turning left to try to catch a thread but if that does not work you will need to possibly attach a slide hammer to spark plug by way of vise grip and slide hammer it out and then install a heli coil like raz said. They make a heli coil kit for this spark plug which is real easy to install. You use a oversized drill bit which comes with the heli coil kit and then it comes with the correct tap to tap the cylinder head then there is a insert you screw into cylinder head with some thread locker which will stay in head and you can install a new spark plug. We use these when we have frozen spark plugs or stripped out threads in a cylinder head.

Or you can use Tim's technique-either way will work there's no way out