Social Context: The social environment (context), also known as the milieu, is the identical or similar social positions and social roles as a whole that influence the individuals of a group.How role-playing as an activity relates to one's social life in general. In particular, it concerns whether you game with people who you would not otherwise spend time with -- or whether you game with your close friends and relations Social Networks: A social network is a social structure made of individuals (or organizations) called "nodes," which are tied (connected) by one or more specific types of interdependency, such as friendship, kinship, financial exchange, dislike, sexual relationships, or relationships of beliefs, knowledge. A social network is a map of the relationships between individuals, ranging from casual acquaintance to close familial bonds. Virtual communities are built around affinity and similarity. Chatmine lets you monitor the discussions taking place around the "virtual watercoolers.
Social context is basically society were we live in other word the environment. Where as Social networks are groups within our society. But in the recent time social networks are online communication features that exist in the modern society like Twitter,Facebook,Digg. This a way of communicating and sharing ideas via computer,mobile etc.