How to create a child theme?

wp-content/themes/wildcommunity-child/

_inc/images/
admin/
font/
js/
functions.php
options.php
screenshot.png
style.css

/*
Theme Name: WildCommunity Child Theme
Tags: buddypress, two-columns, right-sidebar, fixed-width, flexible-width
Template: WildCommunity
*/

/* Inherit the default theme styles */
@import url( ../wildcommunity/_inc/css/default.css );

Open functions.php and remove whole code.

If you activate Child theme then you’ll lose all widgets, but here is some solution for it: http://wpmodder.com/how-to-change-your-wordpress-theme-without-losing-your-widgets-or-your-composure-525.html