Here’s an updated answer, as of Sept. 2013. This took me awhile to figure out.
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Go to the Admin tab.
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In the middle column, select the web property that you want to delete from the dropdown.
- In the right-hand column, click on “View Settings.” (“Property Settings” in dec. 2015)
- At the bottom of the next page, select “Delete this view.”
It will warn you that you’re about to delete all of the data associated with this property. If you’re sure, confirm.
Done!