I have a blog that is managed by WordPress on my domain site.
Every day i get like 10 "comments" to approve but I do not think even one is relevant to the post.
Only weird names, email addresses, and crazy list of keywords...

How can we stop people to use the blog as a "link farm" and restrict the comments to real people who really can contribute to the post...

I don't use Wordpress but think, as you want to keep real blog comments, that you'll likely don't have any other option but to sift through your comments to determine which ones are legitimate and which ones are comment spam. 10 comments shouldn't take you more that two minutes a day to process.

There are a few plugins out there that would do the job, just google :)

You can set blog comments in moderation that you can approve comments which are of value and mark spam those comments from spammer. Or you can use Disqus and Akismet

I am using wordpress. How to avoid comment spam?

You can use this http://wordpress.org/extend/plugins/stop-spammer-registrations-plugin/ for registrations spam and also you can use Akismet plugins.

From my experience,

*** Minimum 2 weeks you should trust all irelated comment. Then the spamming software delect your link from there database as your blog is moderating.

** You can approve the all comments then Google will punished link back site. Then if any site hitted by google update then they will contact webmaster to remove the link. You can charge also to remove the links.

While using free themes you can reduce it but can not stop it. I have been facing same issue since last 2 years and when read many post on net but found nothing useful. I have seen these spams even skiping captcha and many security plugins.
There is only solution you should use paid theme to prevent spamming.

Have you tried captchas?

There are plenty of free wordpress plugin available to stop spam comments, do provide captcah image. it works.

I agreed with joelchrist, however i could not find tool in the seach results

Just delete all irrelevant comments which are stuffed by keywords and give permission to post at the most relevant comment that really wants to share knowledge.

start using special plugin for comments like disqus, live journal and so on. This would help your content block the spammer.

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