Stupidity In Magic

There are currently no widgets assigned to the left-sidebar, place some!

Once you add widgets to this sidebar, this default information will go away.

Widgets can be added by going to your dashboard (wp-admin) -> Appearance -> Widgets, drag a widget you want to see into one of the appropriate sidebars.

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.