I'll dissect that bit of code for you.

This begins a new table cell, which contains one text link. Things like User CP, Members, etc.

This is a link to the FAQ. $vbphrase[faq] is a phrase. If you look in phrase manager, it actually just translates into "FAQ".

This closes that cell. Basically all you need to do is paste the code for the new option in an adjacent cell. You can put it next to whatever option you'd like. For example, if you want the new option next to "Member List" on the navbar, you'd put it after:

Also, sometimes the editor can be a little fussy when it's using the find function. Instead of looking for the whole string, try just finding a part of it, such as:

Then looking to see if the rest of it matches up. As a side note, it's always very helpful to fill out your entire user profile here, especially your homepage. A lot of times one of the first things we'll do is go to your site and look at it to try and see if the problem is obvious. If you don't take the time to enter one, the only person missing out on it is you, since you end up waiting longer for us to help you.