Ankit's answer is correct for Xcode 4.3 and later, but to uninstall Xcode 4.2, you must run an uninstall script from the Terminal.
Go to the directory where you installed Xcode 4.2, which is most likely /Developer. In that folder there should be a PDF document titled something like About Xcode and iOS SDK (I don't have Xcode 4.2 installed so I don't know the exact name of the document). That document contains instructions on how to run the uninstall script.
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Just go to Finder--> applications--> xcode 4.2.1 and Move it to trash. Its not going to effect any newer or older Versions.
Ankit's answer is correct for Xcode 4.3 and later, but to uninstall Xcode 4.2, you must run an uninstall script from the Terminal.
Go to the directory where you installed Xcode 4.2, which is most likely /Developer. In that folder there should be a PDF document titled something like About Xcode and iOS SDK (I don't have Xcode 4.2 installed so I don't know the exact name of the document). That document contains instructions on how to run the uninstall script.