If like many of the Magento store owners you find that some of the built-in features are not useful to you or to your customers you can always disable them via the admin interface buy disabling their respective modules.
Wishlist is not 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 -> Whishlist select “No” under the “Enabled” in the General options.
This will remove all of the whishlist links in the magento blocks as well as the whishlist itself.
2. Just to make things perfect you should check the (yourskinname)/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 Whishlist anymore it is wise to disable it’s respective module output thru the admin interface (Go to: System -> Configuration ->Advanced->Advanced and set disable “Mage_Whishlist” )
That’s it. Your whish is Magento’s command.