Xcode 4:
- Open Xcode Preferences
- Click to highlight the docset you want to delete
- Click the rectangle with a filled triangle icon. It’s next to the + and – icons at the bottom of the list of docsets
- Click the hyperlink to show the docset in the finder.
- Move or delete the docset. You will likely need administrator privileges for this.
I recommend you move them to a temporary location. Especially for older documentation, you may have to install old versions of Xcode to get them back.
UPDATE for Xcode 5:
- Navigate to ~/Library/Developer/Shared/Documentation/DocSets/
- Move or delete the docset. You may need administrator privileges for this.