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.
Dun dun DUN!!!!
I’m pretty sure the line in panel 2 counts as Tempting Fate.