It seems that from https://cloud.google.com/console#c=l there is no way to delete a project.
Note: As of Today (2013-09-19) this is no longer an issue because Google had fixed that. Now you can click on the check box and then click delete
Deleting your project from old console is no longer available!

So in the new console go to Billing and Settings and delete your project from there.

And you are done. Project will get deleted after 7 days waiting period!