It's not the fact that wiki can be edited. Even if you use Naruto wiki, most of the info they have on there is right, and it's cited on a naruto page. So why not use it. It's like saying if you made a project saying why President Kennedy died, it's completely and utterly wrong. When in reality, you likely used actual sources as to why he died. While your paper might not include every detail known to Kennedy's death, it's still filled with some factual evidence that will prove your point.
You can't count Naruto wiki out unless it's obviously not true, which is simply found out by searching the manga, or checking its sources :|
(Being the devil's advocate here)