The ASP.NET Membership API makes this really simple to do. All you need to do is have both the Blog and Forums use the same Membership Provider and connect to the same data store (most likely SQL Database) and both apps will use the same login and password.
However, if you want to provide a "single sign on" so that they don't need to re-enter their password when navigating from the Forum to the Blog, then you'll want to implement both the Blog and Forum functionality within the same site/application.
As far as BlogEngine.NET; it's really a great starting point for building a website. The Blog and Membership Provider are already there, so all you need to do is add the Forum functionality.
BlogEngine.NET doesn't really have the complete support built in for users to Register on the site using its Custom Membership Providers, but it's really simple to tweak what's necessary to get it working. I did this on the http://communitycodingcontest.org site a while back.