I am trying to edit the PlaceHolderLeftNavBar (Master). There is a list of links within in and some of the links are pointing to the wrong places. I need to go in there and remove/edit some of those links. As of right now all I can do is select the section. How can I edit the text within the nav bar?
If you are talking about the quick launch nav (which i think you are), in the main these links are managed in your SP navigation, which you can access from the following:
Site settings > Look and feel > Navigation > Navigation Editing and Sorting
If you need to manage the recycle bin and all site content links you can control these via CSS.
Hope this helps.