Yes there are plenty of tutorials out there on using localization to change the labels, but to be fair… This method isn’t 100% in my experience. I could get the labels changed in about 95% of my site. be sure to change the localizations in your theme file if you happen to be using a buddypress theme. I’m looking into other ways to achieve this without localization. I’ll report back here with my findings.
Ok, I have managed to get the menus changed. But now the only thing that isn’t changed is the buttons that say “Create a Group” on the groups browser page. I installed CodeStyling Localization plugin and looked at the translations and everything is translated so I’m not sure why that one is the only one that isn’t being changed.