I'm friends with this girl and I really like her but she is practically my best friend. I really value the friendship and would be devastated if anything happened to it. Which brings me to my next question, should I take the plunge and try to advance our relationship? I'm really clueless whether she likes me like that or not. It's so confusing. What do you guys think? Is it worth the friendship but to never know what could have been?

You said she is your best friend, so talk to her about it, if she says no i only like you as a friend, you will still have your friendship. If not and she really does like you, you will have a relationship, just don't make it awkward for her.

Don't you think she may feel awkward knowing that I see her in a different light than she sees me?

That's why you should just talk to her about it, for all you know she does see you the same way. If not apologize sincerely and say that it won't change your friendship at all.

Im in the same boat, but I took my chances.

Things are going great, I like her, I told her and she told me she does too.
We're making out, hugging, cuddling, etc. :)

But I dont know, I took a chance because I was getting "signs" from her.

What kind of signs? I'm in the same situation as this dude

A stronger "sign" than what she threw at me, I don't think there is.
In my case we were chilling at a friends house(after a drinking some), sitting on a couch and it was late and we both had worked that day. She was tired and just leaned on me, we then kinda just cuddled. Started hugging, etc. I guess that was the beginning. Then just escalated from there, hugging, flirting and just recently kissing.

I guess my situation is an exception.

Here's what you do:

Wait in a alley wearing a ski mask, and when she walks by jump out, grab her and rape he viciously. Then run off. Over the next few weeks gradually let it slip out that it was you who did it, and thought it would be romantic. Use it as a pick up scenario. It always works!

In all honesty what good are hot female friends?

Why don't people get this.

If a relationship starts without the awkward "Will you be my girlfriend?" bit, it is on to such a better start.

Relax, let things happen. Let her know you are interested. Complement her, pay her attention, but don't act like an obbsessive, protective boyfriend.

If it happens, good. If not, you still have a friend. Asking makes things weird.