Try the delete button/key. Works wonders for me. It's usally on the right side of qwerty keyboards, if that helps?
Here is a great video on link pruning - identification and removal of bad links: http://www.stonetemple.com/link-pruning-is-the-key-to-addressing-penguin/
You can use Google Webmaster tools to identify if Google feels that you have 'artificial' links on your website or blog. Delete all links that are artificial.
I use Google Webmaster tools, someone spammed me with a bunch of cigarette links and killed one of my sites. I had to use the tool and it took about 1.5 months to recover.
Instead of removing bad link you can use google disavow tool as it stops the negative value you are getting from those.
You haven't mentioned about the bad link. Is it from your website or pointing to your website from other website?
Use tools like www.rmoov.com in combination with Google Disavow link tool. But before using these tools try to remove as much spammy links manually as possible.
You will have to use the Google Disavow tool as many others in the thread have pointed out, it does consume a lot of time but it will be worth it in the long run (unless you have lots of bad backlinks to remove!)...
first of all check out the bad links in Google webmaster tool. you can remove such bad links by going to that particular site. or you can use Google disavow tool to remove the links that you don't want.
Here you haven't mentioned about the bad link there are two types of link one which is outgoing and another is incoming.Outgoing links are easily removed by you because it is going from your websites but incoming link is coming from another website to your website.In this case you should request that website's webmaster to remove you link.
Instead of doing request to the webmasters you have to use Google disavow tool it will give you result easily because the webmaster may or may not consider your removal request.