Wondering what that study was all about? Check the Doubtful News article. Need a quick reminder of what happened to Galileo for saying that the Earth revolved around the Sun? There is a helpful Wiki entry.
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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.