On the development side Rails Engines and/or plugins is probably what you are looking for.
Rails Engines are small subsets of an
application that can be dropped into
any of your Rails applications and
handle common parts of the application
from scratch.
Say for example your social networking application has a wiki, blog, chatroom etc. You would more than likely want to create a wiki engine, blog engine and chatroom engine.
Engines allows you to re-use such functionality within different applications so you do not have to repeat yourself.
Take a look at: http://rails-engines.org/
Some support for ‘engine’ plugins has
been merged into the Rails core
codebase in Rails 2.3.
I would also recommend taking a look at some public projects say on github and see how people have used engines.
Take a look at some engines:
Other useful links for reading
In functionality terms you could still have an admin area that could activate certain features ie. your blog or wiki by allowing users access to such areas with a permissions/roles system.
If you want to build a CMS which supports some kind of extensions like in Wordpress or Joomla then you will have to either build it and provide guidlines or at least look into how you would upload/install Engines/Plugins from a user perspective.
Not sure on the security implications of this
Redmine has put this kind of functionality into their awesome application. You may want to dig around the source code for tips and clues
Finally Adva_CMS has basically adopted this approach and have created a number of Engines for their CMS application
HTH