Live Spaces in WordPress

Hey,

I really have a tricky question, so please help …

Can I create a WordPress website or blog that enables users to register and create their own web pages each? In other words, can each user, registered and logged in to my website, create his own Microsoft Live Spaces like page?

I want each user to be able to have his own page on my website, on which he can add his stories, articles, pics, videos … with the ability to change the theme of this page ( much like Microsoft’s Live Spaces ).

Thanks in advance.