I currently have 178 "COMMENTS" in my wordpress blog @ http://omegalocksmith.com/blog does it matter on MY END if I approve or delete I really dont know what to do with them I dont mind approving them but there is a lot of junk in there also If it doesnt hurt my ranking or blog I guess i can approve them what do you WP GURUS think????
If comments are spam or contain junk words, don't approve them. Use spam comments plugin to stop junk comments.
If you approve junk comments it will hurt your site reputations if you set your blog to do-follow. Even some fine links which are not really relevant to your site can hurt. I guess this is why my PR dropped to 0 a few months back. Activate Akismet plugin to filter spams, and then empty the spams once they are caught by akismet. Here is how you can activate Akismet video tutorial.
I would guess that most of them are spam . Scan through them and delete. Then set your akismet up and set comments for admin approval only.
Linking out to crap sites - whether in posts or comments - is a sure fire way to torpedo your site. Activate Akismet and get a key. Make your comments no follow as well.
Surely delete all the craps that you can and activate Akismet (as MrFrench already suggested) asap or use Math Comment Spam Protection Plugin. I used to get hundreds of spam comments every week before. So I installed "Math Comment Spam Protection Plugin" and now I get very few comments - of course some of them are still spams.