BuddyPress 1.2 can be used with regular WordPress installs
Automattic recently announced the release of the latest edition of BuddyPress plug-in for WordPress.
BuddyPress enables the users of WordPress MU to add a social networking component to the service.
The latest edition came with a very useful feature. It now works with standalone WordPress installations too.
WordPress developers have also now announced the release of BuddyPress Template Pack which makes it even more easy to adapt your existing WordPress theme to that of BuddyPress to make the transition easy.