Sounds easy, doesn't it?
Creating or purchasing an online social network is supposed to be the difficult part. Naming it should be a piece of cake.
"The fast emerging and highly competitive social network sector is populated with mostly descriptive names..." (Igor Int'l).
Igor puts out decent criteria on their site. More/different criteria may be needed, though, for social networks designed for limited membership (e.g., among students admitted to a college).
What other factors might need to be considered? Mainly, that the new social network may not be an end unto itself but instead a temporary connecting point and a bridge to more open networks like Facebook.