Good One. But I must say social networking is like a knife. It can be useful as well as harmful too..
I am also great fan of social networking... its a great thing for people like me who can not move out of the office to see my friends. Just sitting in my office / home, I am able to share my pics, videos, thoughts, etc... with my friends. It makes me feel like I am there with my friends. Its really nice to be part of social network. Just little careful usage can make anyone protected from the damage.
1. Do not use public computers
2. For passwords, use Virtual Keyboards
3. Try to use HTTPS protocol for login, if possible
4. Install PAID Security System for Computers
5. Do not share passwords with anyone.
6. Before responding to mail from social networking site, confirm the Correct URL in ADDRESS BAR.

I think these precautions are enough for being safe on our side. If website is hacked, then we can not do anything..