I am pretty amazed at the new things that are coming out for WordPress. This might have been around for a while but I personally have just discovered it. BuddyPress is a social network component that works with the WordPress MU (multi-user) to create an easy to use and manage social network of your own. I have not checked into it too deep yet but from the looks of it so far it sure qualifies as an Awesome Tool.

Check it here: http://buddypress.org