Are you talking about system cache partition wipe? The system cache is only accessible via the Recovery Menu, and contains temporary system data and logfiles that can sometimes build up and slow things down. You can clear the system cache partition following these instructions:
http://www.nytimes.com/2013/10/24/u...lth-law-rollout-switches-tactics.html?hp&_r=0. Follow the instructions for "Wipe Cache Partition."
If you're asking about app caches (which is temporary data related to installed apps), clearing those caches can free up some storage temporarily, but the nature of caches is that they start building up again. You can install something like
App Cache Cleaner that allows you to clear all app caches with one touch.