How can I replace an outdoor outlet cover that has a stripped center screw?
- Do I need to replace the outlet as well?
- Do I need to replace the box that the outlet is housed in if it is coming out from the wall?
- Do I need to caulk around where the outlet and the wall will meet?
Here is a picture of the outlet.

I have purchased a Bell outdoor In-Use Weatherproof Cover, that I would like to use to replace the existing cover.
Update:
I have finished the project, and Bryce's answer was correct. I did end up replacing the outlet with a GFCI Weather/Tamper Resitant outlet for safety sake. Below are two tips and lessons learned.
- When removing wires from existing outlet, if a firm tug doesn't do it, then try twisting the outlet or wire.
- Never try to keep turning a screw after the head breaks off, which led to me asking a different question.