Installing BuddyPress Themes
Themes for BuddyPress are available at:
Make sure that the theme tagged as “buddypress” is compatible with the BP/WP version activated in your server.
As of BuddyPress 1.7, BuddyPress works with most any WordPress out of the box. BuddyPress 1.7 includes base template files that should fit into any WordPress theme without any need to edit code as in previous versions of BuddyPress. Themes that are tagged or suggest they are BuddyPress themes are to be considered themes that have enhanced or customized the base template files that come bundled in the BuddyPress plugin.
If you need reference to the bp-default theme previously bundled with BuddyPress please visit the legacy docs section of the codex. (legacy docs)