So there's plenty of real stuff to debate and no reason to make crap up, or believe in made up crap.
FactCheck.org is a respected site, near as I can tell, that attempts to investigate political myths and be a neutral source, ala Snopes.
I encourage you to check out their page for each candidate (I'll list the summaries; please check the site for detailed explanations). Also, when you hear someone in the mainstream media parroting one of these made-up stories, ask yourself why a "journalist" couldn't take two minutes to do a quick web search and learn the truth? Does this journalist want to know the truth?
False claims about Sarah Palin
Palin did not cut funding for special needs education in Alaska by 62 percent. She didn’t cut it at all. In fact, she tripled per-pupil funding over just three years.
She did not demand that books be banned from the Wasilla library. Some of the books on a widely circulated list were not even in print at the time. The librarian has said Palin asked a "What if?" question, but the librarian continued in her job through most of Palin's first term.
She was never a member of the Alaskan Independence Party, a group that wants Alaskans to vote on whether they wish to secede from the United States. She’s been registered as a Republican since May 1982.
Palin never endorsed or supported Pat Buchanan for president. She once wore a Buchanan button as a "courtesy" when he visited Wasilla, but shortly afterward she was appointed to co-chair of the campaign of Steve Forbes in the state.
Palin has not pushed for teaching creationism in Alaska's schools. She has said that students should be allowed to "debate both sides" of the evolution question, but she also said creationism "doesn't have to be part of the curriculum."
False claims about Barack Obama
These are both false:
One [e-mail] claims that Obama is "certainly a racist" by virtue of belonging to Chicago's Trinity United Church of Christ, which it says "will accept only black parishoners" and espouses a commitment to Africa. Actually, a white theology professor says he's been "welcomed enthusiastically" at the church, as have other non-blacks.
Another e-mail claims that Obama "is a Muslim," attended a "Wahabi" school in Indonesia, took his Senate oath on the Koran, refuses to recite the Pledge of Allegiance and is part of an Islamic plot to take over the U.S. Each of these statements is false.
I'm mostly focused on the inexcusable myths here. They also investigate standard campaign claims (that's the fun and acceptable part of the political debate), which you can check out:
They also have pages on various other topics that have come up during the election -- I encourage you to check it out and keep yourself informed.