Technically wizards in the Harry Potter books can use magic without their wands, it's just less focused that it is with a wand.
But there is, of course, the problem pointed out already that the instant-kill spell would have to hit. Usually when a ninja in Naruto gets hit by something it's either a clone or a replacement technique.
Orochimaru would win hands down just because of his speed; wizards in the Harry Potter series seem to just rely on magic, so they probably aren't physically capable of dodging anything that a ninja like Orochimaru could throw at them (particularly after dying a couple of times). The only conditions by which Voldemort would be likely to win is if he had either a time freezing spell or a second basilisk up his sleeve.
Voldemort has the ability to speak to and command snakes. My bet says that if they ever crossed paths they would probably strike a deal and team up.




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