If the project is under version control (and it should be nowadays, but you never know) and there's a huge hunk of out-of-date comments, I delete the hunk and leave a new comment to the effect that I've deleted a hunk of old comments that no longer seemed illuminating, and I submit with a note that I've deleted out-of-date comments.
Eventually, I'll remove the comment that mentions the deletion, or replace it with comments that apply to the new code.
However, here's the downside to changing old, supposedly meaningless comments in a system that's being maintained by a group of programmers:
The comments aren't acting as comments anymore! They are acting as landmarks for programmers familiar with the code. They're landmark comments as opposed to explanatory comments.
Programmers may actually be searching on keywords in landmark comments to navigate the file.
If you remove landmark comments, or even change them, you may drastically slow programmers who are using them to navigate the file. You're messing with the mental maps of people who have a long relationship with the code, and you'll do more damage than good. The brain's a funny thing. It may be much easier to remember a word or phrase in a funky comment than the name of a method.
It seems to me that if the comments are dreadfully out-of-date with the code, you should learn why. It seems incredibly presumptive to assume that the other programmers don't care about the code. Maybe they do, maybe they don't. If you're taking over the files from a guy who left, and you have clear ownership, dig in! If you're the new guy amongst a bunch of guys who've been working on the code for 20 years, and there's other evidence that they do care about the code, maybe you're missing something.
This is similar to the question of reformatting--changing spacing, altering where the opening braces go, etc. And much depends on ownership. Are you going to be in a file 20 times as much as the guy next to you? Or 1/20th as often? If it's the latter, do you really want to disorient him?
So make sure that's not what you're doing, or tomorrow you may hear someone yelling, "Where the hell is that function?"