1. Create the file “bp-custom.php” and place it directly in the plugins folder. Note, do not place it in the “buddypress” folder, otherwise it will be overwritten when upgrading. If the file exists, simply append to it rather than creating a new one.

2. Paste the following function in:

function bp_the_site_member_profile_data($field_name = '', $echo = 1) {
  if( !$field_name ) {
    return false;
  }
  global $site_members_template;
  if( function_exists( 'xprofile_get_field_data' ) ) {
    $data = xprofile_get_field_data( $field_name,
                                     $site_members_template->member->id);
    if( $echo ) {
      echo "$data";
      return true;
    } else {
      return $data;
    }
  }
}

3. You can now use the function ‘bp_the_site_member_profile_data(‘MyField’) in your templates (of course, substituting ‘MyField’ with the one you’d like to use). Note, this must be place inside a ‘Members Loop’ so that the $site_members_template variable is populated.  Odds are, you’re inserting this near other profile data already in the loop, so there should be no problems.

UPDATE:
As of BuddyPress 1.2, this functionality has been included. While in the members loop, you can use the included function: ‘bp_member_profile_data( ‘field=the field name’ )’ to much the same effect.