For the header menu links, you must click them(Edit me) directly.
For the Subscribe sidebar you have, you can see code like this in the template file:
Code:
<h2>Subscribe</h2>
<p>
<a class='feed-link' href='/feeds/posts/default' target='_blank' type='application/atom+xml'><img src='http://i161.photobucket.com/albums/t219/freetemplates4/feed-icon-32x32.jpg'/> RSS Feed (xml)</a>
</p>
<h2>Powered By</h2>
<div class='credits'>
<p>
Skin Design:
<br/>
<a href='http://freeskins.blogspot.com/' title='Free Template Downloads For Blogger'>Free Blogger Skins</a>
</p></div><!-- end credits -->
<p id='powered-by'><a href='http://www.blogger.com'><img alt='Powered by Blogger' src='http://buttons.blogger.com/bloggerbutton1.gif'/></a></p>
You can edit or delete it.