I know this is an old topic, but its in the top results of Google when trying to find a solution for this.
So, to help save other people time (who land on this page when Google’ing this situation) here’s the fastest fix I’ve come across so far.
Create a file called “bp_custom.php”.
In it add:
function bbg_change_tabs() {
global $bp;
$bp->bp_nav['profile']['name'] = ‘New Profile Verbiage’;
$bp->bp_nav['activity']['name'] = ‘New Activity Verbiage’;
$bp->bp_nav['friends']['name'] = ‘New Friends Verbiage’;
$bp->bp_nav['groups']['name'] = ‘New Groups Verbiage’;
}
add_action( ‘bp_setup_nav’, ‘bbg_change_tabs’, 999 );
Replace the “New W/e Verbiage” with what you want it to say.
Double check that BuddyPress forums didn’t change any foot marks to apostrophes.
Save bp_custom.php and upload the file to /wp-contents/plugins/
Refresh your page to see if it worked.
So far it works for me just fine.