http://www.ananova.com/how-to-clean-up-site-links/

Thanks to new search algorithms, dead backlinks or bad backlinks won’t go unpunished. What that means is that it’s time for any site (cheap hosting site or otherwise) to clean up some of those links. Performing a site link audit is something that has to be done periodically in order to keep search engines like Google happy. Here’s how to accomplish that task with some ease.