Today I wanted to set up multiple Chrome profiles, so I could have one version of Chrome for me, and another to sync with my office Xoom. Sadly, I couldn't find any way to do so in the Chrome settings. Lifehacker had me covered, though, linking to an article from September 2008, around the time Chrome first came out. The only problem: the article was written before Windows 7 came out, so some of the instructions were slightly off.
If you want to use profiles on Windows 7, follow the instructions in that article until the end (except I cleared my data after making the duplicate, so I didn't lose all of the info in my default), but then, at the end, simply pin the new copy of Chrome to your taskbar, right click it, and then right click "Google Chrome (2)" (or whatever it might say in your instance), and choose "Properties." In the "Target," add the "--user-data-dir=" line as instructed in the article. All set! Now you can run two completely separate instances of Chrome, with different login sessions, etc.