Came Across the script http://userscripts.org/scripts/show/8283
Thought it had some serious limitations so I have re written the script to make it more user friendly. The line that deletes the scraps remains the same.
Features Added:
1)Warns any new scrap received during the process of deletion.
For safety purposes if the internet connection goes slow i have given the time as 5 minutes.
So if there is a scrap int he past five minutes at any point of time of deletion the script pauses and shows an alert box.
2)Adds a delete all scraps button instead of executing the script each time the scrap book is accessed.
If u stop deletion on receiving a new scrap the button delete all scraps is not present. Just click on the scrapbook link on the top to get it or simply you can refresh the page if u intend to continue deleting including the newly received scrap.

Don't select the url orkut.com/Scrapbook.aspx?&pageSize=30&gultisgod from your browser history unless u intend to carry out the deletion process. This is the link used to carryout the deletion process.

6th Oct 2007: Updated the pattern that look for scraps in the last 5 minutes the previous one was matching for *[0-5] minutes and hence 10,11,24 and all such values were being treated as scraps in last five minutes/ now matching for ([0-5] minutes

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