BuddyPress.org

In your theme look for header.php. There you can change the names of the links.

For example:

<?php _e( \’Blog\’, \’buddypress\’ ) ?>

Change it to

<?php _e( \’My Blog\’, \’buddypress\’ ) ?>

Remember to change it in your members theme too.

Note that this will only change the text not the actual link. So it will show [My Blog] but it will still go to yoursite.com/blog