Product theme not working

This theme is not working for me. I have a WP3.0 single site running on a localhost using MAMP for Mac. I installed and activated the theme on a fresh WordPress install. The menu shows nothing. When I switch back to Twenty Ten, the site runs perfectly.

Any ideas? I do not have Buddypress installed on this installation. I have another localhost installation running with Buddypress and the theme does not work there either.