Just a warning to all the other brave Theme Seekers:
It seems this theme has been abandoned by developer (last updated in 2012). It does not work with the latest (at the time) Buddy Press 2.0.1... There isn't much visible support presence in the forum. I'm pretty sure you can get it to work with some elbow grease. But if you are a non-developer, not much help.
I have had exactly the same problem that another person reported in the support forum.
Here is the message when attempting to install:
The parent theme could not be found. You will need to install the parent theme, bp-default, before you can use this child theme.
Not worth the download, as you cannot use this theme with the latest version of Buddypress. Tried for an hour figuring out how to fix it, and then I read about Buddypress not supporting their own parent theme anymore. So this child theme Frisco won't work.