[chrishajer]

You don’t need a separate database, and it’s easier to integrate with WordPress if you install bbPress in the same database as WordPress.

What version of bbPress are you installing? Sounds like an older one that doesn’t integrate well with WordPress 2.7.1. In the bbPress installation of the alpha, which does integrate with WordPress 2.7.1, there are pretty clear instructions beneath each box on where to find the keys.