I tried a lot of social networking scripts. Php: social engine(2-4), phpfox(1-2.0.5), elgg, phpizabi, buddyzone, buddypress, joomsocial and so on.. but later I discovered python, django, Pinax and it's beats all of them! You can easily add thousands django apps in it.
And you know, python is really faster than php. I advice you to strat from Pinax! It's really great!
Currently I'm using Pinax-0.9a2. Dev9 But I added a lot of features, apps + css3 html5 templates. As alternative, you can try to start from django-userena(provides simple registration and profiles and so on) and just add apps which you need.
There are many scripts that can be used for this purposes. First of all, if you are not strong with python I would advise you to chose script written on php as it less demanding to hosting environment and there are many programmers who can handle this task. I have played for a while with ELGG and found it very basic and quite time consuming to produce something useful.
It might worth a look on commercial products that have more features out of the box. Here is few of them.
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