The Bible is, on one level, a book like any other. It is a collection of texts by divers hands written over several centuries. Some of it might date to the Bronze Age. The stories certainly do (e.g. if Exodus happened at all, it would have been late Bronze Age) even if they were written down later. So inerrancy is basically impossible.
That said, as P3 suggests, it contains the core myths of two major cultural streams; Jewish and Christian. And multiple subgroups within them. So inerrant or not, we live in a culture that has been shaped by those myths so they are important, whether we see them as myths or truths.
But inerrancy is a notion that needs to die. A lot of conflict could be resolved if group A didn't insist their understanding of the "inerrant" scripture trumped group B's. Absent inerrancy, there is room for interpretation and discussion.