Do I need to configure multisite in Wp to use BuddyPress?

Sorry for this silly question but do I need to configure Multisite for WP to use buddyPress. I have already done it but it just occured to me that I might be setting up a network of BuddyPress sites, each as an independant "Facebook type" social network. Is this correct?

If indeed I am setting up a network of social sites, would I be right to assume that I can then dedicate each network to a special interest group withing that community?