There are currently no widgets assigned to the right-sidebar, place some!
Once you add widgets to this sidebar, this default information will go away.
This theme also uses the WordPress 3.0 Menu system. You probably see the default stuff you have in the menubar. Go to Appearance -> Menu in the
wp-admin (dashboard) and create a new menu.
I vote for “Legal Bits”
Considering that Gates’ lousy system did exactly that to my manuscript files, I cheer for the meteorite! And, his enduring pain.