@avinanrey just log onto your server via FTP, and rename the BuddyPress plugin directory, or delete it. This works for any malfunctioning plugin. It will be immediately disabled.
I have come across the same error with WP 3.1 beta 1. Apparently WordPress normally ignores this error.
Fatal error: Call to a member function is_page() on a non-object in /public_html/wp-includes/query.php on line 419
However, is there anyway of having BuddyPress refreshing its activity streams? The above fix only works for updates or new posts AFTER it was implemented. All previous activities are showing their old content.