hmmmm....well, with out his wand, Voldemort is powerless. Orochimaru could probobly snap it, easy. After that, Orichimaru could kill him with the nasty torture way (by slowly tightening his tongue around Voldemort's neck while ripping his brains out through his nose). Or, with a powerful little jutsu that will kill him fast. Orichimaru has alot of those...

But judging by what I just wrote, I think that Orichimaru would win.