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1. To remove the interior of something, such as a building; gut something: The new owners plan to strip out the building to expose the original red brick walls and concrete ceilings. This old car can run like new if you strip it out and refit it with a new engine and suspension.
2. To remove some component from a system, such as from a building, text, or calculation: The electricians stripped out the old wiring. The contract lawyers stripped out all references to royalties. The electricians stripped the old wiring out and installed a new network.