Nowadays the social networking with its gradual growth has affected the image that we have about the web dramatically. In the following paper some issues about social networking are discussed. In particular, a critical exploration of the social networking phenomenon is presented and an evaluation of the impact on e-commerce and e-business is discussed. Furthermore some possible applications that concern opportunities, benefits and risks are given. A synthesis of the above provides a summary of conclusions that can be drawn and recommendations that can be made as well.