@tucsonsam
Do you only want to install a second WP site because :
– you want a different theme/look/layout for your BuddyPress pages?
==> If you know HTML, CSS, and WordPress templating, you could create an entirely different look/layout for BP pages by installing BP Template Pack plugin and creating header-buddypress.php, footer-buddypress.php, sidebar-buddypress.php, a buddypress.css file, and adding some functions in your theme’s functions.php
OR
– you are having a hard time making your WP theme compatible with BuddyPress?
==> If you need assistance with making your WP theme compatible with BP, post in the BuddyPress forums and we’ll help you there.
OR
– you want the BP/WP site separate from your original WP installation and have no need to integrate any information between the two installations?
==> Sure, depending on your hosting, you can create a physical subdomain e.g. community.yoursite.com and install WP there and create a new DB for that site. You could even use the DB of the original WP install as long as you change the DB prefix in the wp-config.php file on the new/2nd WP install is different from that of the first WP install. I would however, opt for creating a new DB for a totally separate install.