YEP it's been covered lots of times.
But I will start the suggestions others will follow I am sure.
I have removed them a couple ways, one way is to just pry them out but that can cause damage to the fairing shell. The other way I have used was slip a very small set of needle nose pliers between the fairing shell and the speaker panel grab the insert with the pliers and apply screw driver as normal to the screw.
You can also slip a flat blade screw driver between the fairing shell and speaker panel putting a bit of pressure on the insert may keep it from spinning enough to use a screw driver like normal.
The other way is I used a high speed drill motor an just drilled the head of the screw off and removed panel leaving a little nub of the screw to remove with pliers later, this can also spin the screw and insert enough to get the insert to spin out and then use something like J-B weld to install a new insert.
Make sure you use some sort of anti seize lubricant paste when you install the new screw into the new insert.
Here is a link to the thread I posted a while back of my Multi-point upgrade and maintenance projects. Top of page 5 is some information about this exact problem of the inserts spinning and how I repaired them.
http://www.valkyrieforum.com/bbs/index.php/topic,21439.160.html
