How do i set up a social networking site?

After hearing the news on facebook i wanted to set up my own social networking site. How is this possible?How do i set up a social networking site?
You have to know something about computers, it takes programming skills and will need more than one person if you want to try and compete with facebook.How do i set up a social networking site?
It depends and what you want to achieve. If you want a small, local social site or one serving a niche market that maybe will not grow too big, then you could use a CMS with some extra components (Joomla can do this well for example).





If you are aiming for a rival to Facebook/Bebo etc, then you need a team of developers, a HUGE marketing budget (you have a lot of catching up to do) and a book on web 2.0 :)