BuddyPress.org

You should ask these as two separate threads:

For adverts – I suggest the following:

Build your child theme with ad zones (perhaps as widgets in sidebars). Use OpenX or Google Adserver to manage your ads, and integrate the codes appropriately.

You can put any logic you like into your child theme templates to make decisions on which advert to display. Of course, this isn’t trivial, otherwise Google wouldn’t put invest so much time and resource building Adsense! If you use Adsense (or equivalent) code snippets, they will automatically display adverts based on the content in the user’s profiles.

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Yes, you can modify the words. See this article: https://codex.buddypress.org/how-to-guides/customizing-labels-messages-and-urls/