Well, that is what Nihilism explores. Under Nihilism we can still have a sort of right and wrong, but only with respect to goals. The goals you pick, are of course arbitrary. However, reality sort of strong-arms us into continuing our existence as a precondition to choosing any other goal (aside from death), and in that sense all other goals become subordinate to that one. I guess there are some other ways to interpret it, but regardless, the implications of this vary from somewhat Utopian (Transhumanism) to very Dystopian (The Borg.)
I'm not a Nihilist but if I were I wouldn't be too happy about it.
Only if you assume that only "inherent" or externally supplied meaning or purpose is valid.
Why make that assumption, though?