Let $A$ be a ring (which might or might not be commutative), and let $M,N$ and $K$ be three bi-modules over $A$.
There are two hom-tensor adjunctions. One says that
$Hom_A(M\otimes_A N, K) \cong Hom_A(M,Hom_A(N,K))$.
The other says that
$Hom_A(M\otimes_A N, K) \cong Hom_A(N,Hom_A(M,K))$.
Are these isomorphisms of bimodules?
If so, does this mean that the two bimodules $Hom_A(N,Hom_A(M,K))$ and $Hom_A(M,Hom_A(N,K))$ are isomorphic?
It turns out the two bimodules you mention are isomorphic. Adjunction in general gives you the bijection you described. However, in the proof of the Hom/Tensor adjunction, the map that you define for the bijection can be seen to also be a homomorphism. Really you have to write out the proof in detail, and observe that you are dealing with homomorphisms. More information can be found here:
Adjointness of Hom and Tensor
In fact the exact statement you are asking about is mentioned here:
http://en.wikipedia.org/wiki/Tensor-hom_adjunction