I tried to find a reference or advice on Meta Stack Overflow, but couldn't. If one turns up, let me know and I'll edit it in. Also, if any other Meta sites are having this discussion, edit those in so we can cross link to how other communities are dealing with it.
There's a Meta Stack Overflow question about how to write a good answer. The concepts of right and wrong have no bearing on what makes a good answer. This means, to me, that answers have a measure of "goodness" as well as measure of "rightness", which are two distinct things. When you are using the low quality review tool, you should be judging an answer based on it's goodness, not on it's rightness.
However, if you have enough expertise in the subject matter to judge rightness, you should use that. Open the question and down vote wrong answers. Leave comments or ask clarifying questions. If the question is bad, consider voting on the question or even flagging it if it needs more immediate attention or might be too old to have the eyes of the community on it.
Also, keep in mind that wrong answers are not suitable for moderator attention. It's a reason to decline flags on answers, in fact. If moderators shouldn't intervene with wrong answers that have been flagged, I would suspect they aren't good candidates for deletion.