Depends on how good the friend is, and how much you're willing to lose....
If it's a really really good friend, one of your better friends...I wouldn't chance it. I don't try the "friends with benefits" thing, because I've seen it blow up way too many times.
However, I've seen situations (and been in them myself) where I was friends with the person, and decided to take the risk. You've gotta be ready though if it turns out bad, because chances are, you're going to lose the friend.
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