I guess the logic of how to have a static page goes like this.
Settings reading, you put "Front page displays" = "A static page (select below)"
and then you declare an empty page to be the posts page on "Posts page:"
I understood that wordpress is creating a menu item for this empty page and just lists all the posts (as they used to be displayed on the front page), in this empty one. And you can access it from the menu item.
But no menu item is created.
I ran Mamp on Mac Os X and have wordpress 3.2.1 installed.
I do not know if there is another posts with the same topic already, but as soon as there is no "search" feature in the official WordPress Forum i guess it is ok to start another one.