Wow, this thread took a turn for the worse lol.
There's actually an anime that focuses exactly on this subject, called Planetes. For a show that's essentially about space garbage men, it's surprisingly entertaining, and they stick to real life physics fairly well, such as no sound in space, inertia, and how one little screw traveling really fast can damage a spaceship. In fact, the first scene shows that happening and why their job is so important.
In real life, my guess is they're going to develop a gun that can be used to shoot at space debris in order to lower its orbit and let it burn up in the atmosphere. For bigger stuff they'll probably have to cut it up first, or if it's got valuable stuff on it, then salvage. And like one episode of that anime, there will probably be people who dump hazardous waste onto derelict satellites or large pieces of debris in order to not have to deal with it themselves.


