You could do something like this:
<?php
if ( is_user_logged_in() ) {
wp_nav_menu( array( 'theme_location' => 'logged-in-menu' ) );
} else {
wp_nav_menu( array( 'theme_location' => 'logged-out-menu' ) );
}
?>
EDIT:
Here is another try, same theory but different execution:
if ( is_user_logged_in() )
{
// Filter wp_nav_menu() to add additional links and other output
function new_nav_menu_items($items)
{
$homelink = '<li class="home"><a href="' . bp_loggedin_user_domain() . '">' . __('Profile') . '</a></li>';
$items = $homelink . $items;
return $items;
}
add_filter( 'wp_nav_menu_items', 'new_nav_menu_items' );
}