Magento Customer Dashboard links module

Create a small module for this.follow the following steps

Step 1: Create a xml file in the app/etc/modules/Res_CustomerNavigationLinks.xml

<?xml version="1.0" ?> 
<config>
    <modules>
        <Res_CustomerNavigationLinks>
            <active>true</active> 
            <codePool>local</codePool> 
        </Res_CustomerNavigationLinks>
    </modules>
</config>

Step 2: create a xml file in the app/code/local/Res/CustomerNavigationLinks/etc/config.xml

<?xml version="1.0" ?> 
<config>
    <modules>
        <Res_CustomerNavigationLinks>
            <version>0.0.1</version> 
        </Res_CustomerNavigationLinks>
    </modules>
    <frontend>
        <layout>
            <updates>
                <customernavigationlinks>
                    <file>res_customernavigationlinks.xml</file> 
                </customernavigationlinks>
            </updates>
        </layout>
    </frontend>
    <global>
        <blocks>
            <customer>
                <rewrite>
                    <account_navigation>Res_CustomerNavigationLinks_Block_Account_Navigation</account_navigation> 
                </rewrite>
            </customer>
        </blocks>
        <helpers>
            <customernavigationlinks>
                <class>Res_CustomerNavigationLinks_Helper</class> 
            </customernavigationlinks>
        </helpers>
    </global>
</config>

Step 3: Create app/code/local/Res/CustomerNavigationLinks/Block/Account/Navigation.php

<?php
class Res_CustomerNavigationLinks_Block_Account_Navigation extends Mage_Customer_Block_Account_Navigation
{
    public function removeLinkByName($name)
    {
        unset($this->_links[$name]);
        return $this;
    }
}

Step 4: Create app/code/local/Res/CustomerNavigationLinks/Helper/Data.php

<?php
class Res_CustomerNavigationLinks_Helper_Data extends Mage_Core_Helper_Abstract
{

}

Step 5: Create app/design/frontend/base/default/layout/res_customernavigationlinks.xml

<?xml version="1.0" ?> 
<layout>
    <customer_account>
        <reference name="customer_account_navigation">
            <action method="removeLinkByName">
                <name>billing_agreements</name> 
            </action>
            <action method="removeLinkByName">
                <name>recurring_profiles</name> 
            </action>
        </reference>
    </customer_account>
</layout>

Clear cache and see you have done.

Reference & Credits: Link

**4)**Replace code in app/design/frontend/base/default/layout/res_customernavigationlinks.xml

<?xml version="1.0" ?>
    <layout version="0.1.0">
        <customer_account translate="label">
            <reference name="customer_account_navigation">
                <action method="removeLinkByName"><name>account</name></action>
                <action method="removeLinkByName"><name>account_edit</name></action>            
                <action method="removeLinkByName"><name>address_book</name></action>
                <action method="removeLinkByName"><name>reviews</name></action>
                <action method="removeLinkByName"><name>orders</name></action>
                <action method="removeLinkByName"><name>newsletter</name></action>
                <action method="removeLinkByName"><name>billing_agreements</name></action>
                <action method="removeLinkByName"><name>recurring_profiles</name></action>
                <action method="removeLinkByName"><name>tags</name></action>
                <action method="removeLinkByName"><name>wishlist</name></action>
                <action method="removeLinkByName"><name>OAuth Customer Tokens</name></action>
                <action method="removeLinkByName"><name>downloadable_products</name></action>
            </reference>
        </customer_account>
        <customer_account translate="label">
            <reference name="customer_account_navigation">
                <action method="addLink"><name>orders</name><path>sales/order/history/</path><label>My Order</label></action>
                <action method="addLink"><name>wishlist</name><path>wishlist/</path><label>My Wishlist</label></action>
                <action method="addLink"><name>account_edit</name><path>customer/account/edit/</path><label>Account Information</label></action>
                <action method="addLink"><name>address_book</name><path>customer/address/</path><label>Address Book</label></action>        
                <action method="addLink"><name>billing_agreements</name><path>sales/billing_agreement/</path><label>Billing Agreements</label></action>
                <action method="addLink"><name>recurring_profiles</name><path>sales/recurring_profile/</path><label>Recurring Profiles</label></action>
                <action method="addLink"><name>reviews</name><path>review/customer/</path><label>My Product Reviews</label></action>
                <action method="addLink"><name>tags</name><path>tag/customer/</path><label>My Tags</label></action>
                <action method="addLink"><name>address_book</name><path>oauth/customer_token/</path><label>My Applications</label></action>
                <action method="addLink"><name>OAuth Customer Tokens</name><path>newsletter/manage/</path><label>Newsletter Subscriptions</label></action>
                <action method="addLink"><name>downloadable_products</name><path>downloadable/customer/products/</path><label>My Downloadable Products</label></action>


            </reference>
        </customer_account>

    </layout>

Now you can add/remove or re-arrange customer links.