BuddyPress.org

Yes. Many people know how to do this. We learned by hunting down the appropriate css entities and modifying them. I did it by first of all getting the wildly wonderful firebug extension for firefox.

http://getfirebug.com/

Firebug told me the exact file and line to modify. It even let me change the css interactively on a live web page. Try before I buy. Very cool.

This time around firebug told me that the bp home theme css padding entry for the content area lives in:

/wp-content/themes/buddypress-home/css/base.css

Change line number 121: padding: 0 20px; to padding: 0;