I still can't target on the names of people.
What I can do is target specific age groups, locations, and keywords.
Stuff like interests and liked pages, location etc.
For Facebook : I can technically also target your workplace, so if you put in your profile you work at McDonalds, I can target that, and all McDonalds employees who listed their jobs can be targeted. I can even go as far as the school you listed in your profile, but I still will never be able to go as far as you specifically unless I know every detail about you and literally put every piece of information about you.
You can play with the ad targeting yourself at
https://www.facebook.com/ads/create/
targeting is fully dependent on what information you, the user, willingly makes available on your profile. If you include the information, you are freely giving it out to any advertiser. Every thing except names that is.
It's available to anyone.
Google, is a bit of a bigger beast, as it ties your Plus account to your Youtube, Chrome browser, android phone and gmail account. They can still only use the information you provided in your account, willingly, but can't target your name. They can go after relevant content. Google is the king of Contextual targeting, an email you are reading has the word videogame in it? You will likely see a video game based ad. They do it all with bots much like their search results.