Short answer: Yes it is. The question is how comfortable you need the language management (e.g. the connection of content between languages).
The newest version of WPML seems to have the ability to serve domains for different languages. Did’nt try it yet. http://wpml.org/
If not you could do it manually using WPML or qtranslate. Setup a subsite for each language and turn the preferred language for this site on in the site settings.
Your question seems not to be directly related to buddypress. But if you’re looking for that – there is a plugin by WPML for buddypress: https://wordpress.org/extend/plugins/buddypress-multilingual/
Thanks. I see the buddypress multilingual plugin is not BP 1.7 ready yet it seems? I want buddypress on each subsite. Would BPML automatically translate the social network posts into the various languages across the sites? Surely not?