Both of your questions are solved by basic CSS edits.
For the border/title issue add the following to style.css:
#s5_component_wrap{ border:none;}
#s5_component_wrap .contentheading{display:none;}
To highlight the current page/menu item in your side menu, try something like this:
.current-menu-item a, .current_page_item a{ color:green; }
I suggest that you install firebug (linked in my signature), and try "inspecting" the various things you want to change. It will tell you exactly where in the CSS to go, and let you make temporary changes with a live preview so you know what you want before you edit any files.