Here's how to do it in Audacity:
1. Just to the left of your waveforms / audio, you'll see a down-arrown next to the filename, click that down-arrow and select "Split Stereo Track".
2. Select all the audio on the channel you want to remove (the easiest way I've found to do this is to zoom out so you can see all of the audio and click past the last audio in the channel you want to delete and drag all the way to the beginning). Make sure you just have the audio selected in the channel you want to delete (and not both channels) - then just hit the delete key.
3. Now select the audio from the good channel in the same manner and copy it (either Edit->Copy or just ctrl-C). Then click in the channel you deleted. I always do "Edit -> Move Cursor -> to Track Start so that you're channels will be synced. Now just paste (either Edit -> Paste or ctrl-V).
That's it - now you can edit each channel individually if you want to do some effects to make it sound more like a stereo track (add some delay to one channel, something in the 5 to 10 ms range usually works OK, add reverb to one, EQ them a little differently, etc.). When you're done, just go back to the down arrow to the left of the audio and click it and select Make Stereo Track and you're done.