Many Magento site admins find that some of the built-in features are not useful. The good news is that you can always remove them via the admin interface by disabling their respective modules.
If your theme has been built to a high standard than ‘Wishlist’ is one of them.
To remove all of the traces of the wishlist functionality you need to do the following:
1. Go to the Admin interface (select the appropriate scope) and under
System -> Configuration -> Customers -> Wishlist -> Enabled -> No
This will remove all of the wishlist links in the Magento blocks as well as the wishlist itself.
2. Just to make things perfect you should check the (yourthemename)/template/catalog/product/view/addto.phtml and remove the “pipe” character from that file so that it doesn’t disturb the looks of your site
3. Finally, since you do not need Wishlist anymore it is wise to disable it’s respective module output thru the admin interface. Go to:
System -> Configuration ->Advanced->Advanced and set disable on “Mage_Wishlist”