Re: 404 error on bp links
How did you install BP? BuddyPress needs to live in the /plugins directory, nowhere else. First, if your site is live, if it is a production site that has data you need to save, then make sure you have completely backed up your database and all files before beginning. If your site is a test site, a development site with no data worth saving, then you can skip that step.
Next, deactivate all plugins except BuddyPress. Then deactivate BuddyPress. Next, remove BuddyPress from the /plugins directory. Manually download and reinstall BuddyPress following the directions provided in the readme.txt file.