BuddyPress.org

By default everyone has a profile page within a Buddypress site under domain.com/members/username. You can edit the information that gets added to that profile in Buddypress/Profile Fields. If you want to centralize the community around the profile you can add something like this: http://buddydev.com/plugins/bp-redirect-to-profile/ which would redirect your users directly to their profile when they log in.

You could also allow them to customize the background of their profile with this if you really want to go wild: http://buddydev.com/buddypress/allow-your-users-to-change-their-profile-page-background-using-bp-custom-background-for-user-profile-plugin/ although that has the potential to get really ugly.