I have similar problem. I have a WordPress installation with BuddyPress activated with it in a subdomain of my main domain.
Problem is that, often Page redirects to a imaginary page. For instance,
1. sub.domain.com redirects to sub.domain.com/SaVSK/.
2.sub.domain.com/members/admin/ redirects to sub.domain.com/PULcN/VUUgV/members/admin/.
The said problem occurs in dashboard also, like,- sub.domain.com/wp-content/uploads/2012/01/ABC.jpg redirects to sub.domain.com/ZaRYQ/wp-content/uploads/2012/01/ABC.jpg.
The results on all cases is a 404 page. Please somebody help to fix the problem. Thanks.