BuddyPress will transform a vanilla installation of WordPress MU into a social network platform. BuddyPress is a set of WordPress MU specific plugins, each plugin adding a distinct new feature.

BuddyPress contains all the features you’d expect from WordPress but aims to let members socially interact.
This one is so sweet guys

http://www.drivensource.net/PHP/budd...work-platform/

@michiganannd
You're totally 100% right talking about buddypress.
Anyhow it's still in developing process that causing tired to follow the trac. It's not a mature system but we hope so high expectactions to be an social networking open source. I've operate a site using buddypress on www.wpblogspot.com Still exploring to find perfect system as far as I need.