I was in the same situation as yours (installed Opengeo suite on a clean Ubuntu 12.04 OS - found greyed out items for PostGIS in Opengeo Dashboard) - with some errors in the opengeo suite installation process:
Error in `/usr/share/doc-base/pgadmin3-enus', line 8: all `Format' sections are invalid.
Note: `install-docs --verbose --check file_name' may give more details about the above error.
And
psql: FATAL: database "template_postgis" does not exist
psql: FATAL: database "medford" does not exist
psql:/usr/share/opengeo-postgis/medford_taxlots_schema.sql:9: ERROR: schema "opengeo" already exists
psql:/usr/share/opengeo-postgis/medford_taxlots_schema.sql:13: ERROR: index "medford_taxlots_gix" does not exist
psql:/usr/share/opengeo-postgis/medford_taxlots_schema.sql:14: ERROR: relation "public.medford_taxlots" does not exist
psql:/usr/share/opengeo-postgis/medford_taxlots_schema.sql:15: ERROR: table "medford_taxlots" does not exist
psql: FATAL: database "geoserver" does not exist
But when I opened pgAdmin3 and log in, PostGIS and some pre-installed database were there.