• Unzip and upload bp-widget folder to your WP themes folder wp-content/themes/wp-widget/ and activate.
• Create a new page called Home choose Buddypress Widget Theme as the page template.
• Then in side bar settings >> reading choose the home page you created as the static front page.
• Go to widgets and add widgets to the columns
This is the exact default BP 1.2 theme with a custom page and functions to allow a widgetized page.