I would like to cite a quote from Edison here. Part of it is taken from another website:
Thomas Edison tried a thousand ways to get a light bulb to work and all of them failed. Some didn't work. Some just flashed and went dead. Some only lasted a few minutes. He documented every case. Finally, he got one to work long enough that it would make sense to make it for sale to the public.
Colleagues asked him "weren't you disappointed after one thousand experiments?" He replied: "No, we now know a thousand ways not to build a light bulb."
That's exactly what I think about wrong answers. They tell other people what should be avoided, and what subtleties should be taken into account.
That said, it is the moral responsibility of the answerer to mark them as a wrong answer, and clear out what is wrong about them.
In any case, as Tsuyoshi pointed out, the answerer has also the right to delete the answer. Yet I believe that it is better to keep the answer (specially if it has not generated negative reputation), and mark it accordingly.
As a convention, I recommend the community not to down-vote marked-as-wrong answers.