Is there any app, tool or feature that would allow me to schedule Mass Delete of records without using any code. Any suggestion would be appreciated.
You can use Dataloader for that, and use the Command Line Interface (CLI). This way, Dataloader can be invoked using the scheduler of your system OS - like Windows Scheduler - to call a batch file that will in turn call the Data Loader.
Through the Dataloader config file, you can automatically login.
To use the Dataloader CLI, you find details here: http://wiki.developerforce.com/page/Using_Data_Loader_from_the_command_line
Storage Helper mass deletes data from any object in Salesforce and does not require code. You can install free from the AppExchange: https://appexchange.salesforce.com/listingDetail?listingId=a0N3000000B5fvwEAB