Social is a cornerstone of any audience development and traffic-driving strategy. You can use it to build your business in a myriad of ways:
- Communicate site updates on Twitter and Facebook to encourage fans and followers to check out your site to see new product features and new content
- Drive traffic via calls to action, such as newsletter sign-ups, special offers, commenting, and contests
- Syndicate site content to social media venues like Twitter and Facebook
- Increase engagement time and site "stickiness" by adding Facebook commenting and other "social widgets"
Here are a couple of greats resources to get started:
http://developers.facebook.com
http://twitter.com/about/resources

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