Orkut is trying to reinvent itself everyday by creating new Apps, new colors etc. But I think it is still missing the big thing with immense opportunities. The implementation of this idea is challenging, as it may need to redesign the Orkut code architecture. Still this is worth the effort.
Today, orkut has limited options to create profiles. At the high level it has Social, Professional and Personal pages. I believe those pages have some limited fields to create the complete profile of a personality. Worst thing is even if you don't fill those fields they are displayed in the page with blank values. This looks pretty bad.
I suggest to create a site in which the users will have the ability to create customized pages of their own. For example I don't want a Personal page. In that case no Personal page will be displayed with blank values. Instead of Personal Page I want a Page called 'Creative'(just to showcase my creative world beside my Social and Professional world). In that page I want specific fields of my own(not the limited fields which we have today, but say my 'Passion'). This is just an example but for this idea even the sky is not the limit!