BuddyPress.org

It opens up social networking and other things besides yes. Where the menu item is though is down to the theme and also up to you if you edit files.

You do not have to change the look of your blog you’d use the template pack to allow your theme to work for BuddyPress. There are some files you’d need in your theme but the template pack solves that.

https://wordpress.org/extend/plugins/bp-template-pack/