Often I'm looking at a band's page that I'm interested in, and there's at least one link that is dead/ leads to nowhere, and I mean the less known bands whose pages probably not that many people look at. So it's useless and a hindrance too and I'm wondering if we should report the broken link every time we find it or will the mods get mad that someone is filling up their mailbox with this link crap? Because I think the encycopedia is not as credible with the shitload of useless links on here and on behalf of users such as myself I want to improve the site so we could actually use it and benefit instead of getting pissed off.

Yes, it's ok to report that. Often the site is stored at http://www.archive.org/index.php so if you could check that and ask us to edit the URL to the one you get from the Wayback Machine that's even better. If it's not stored there however, it should simply be deleted.