Need Help with Customized Magazine Theme

I recently found the perfect theme for my blog which involves dating and relationship issues for men and women. However, I am quite frustrated that I can not seem to figure out how to replace certain sections on my theme (http://my-juicy-love-tips.com/ created by FragranceOnline 1.0 by ElegantWPThemes) such as “no images”,”latest headlines”,”our sponsors”,as well as areas that say “the webpage can not be found”.
I want to be able to replace those sections with my own images and advertisement as well as generate some money through advertisement as and affiliate marketing.I have a large group of readers and would like for this site to take off as soon as possible. I don’t have much knowledge in css or php so I would appreciate if someone can help me by giving me clear instructions on what to do to resolve this matter asap.
Thank you !