Profile
From Analytics Guide Articles
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After setting up your Google Analytics account, you'll need to create a profile for each of the web sites you wish to track.
At the moment, Analytics is not allowing new website profiles. However, some account holders have access to up to five profiles, the rest of us will have to use the "source code hack" instead.
Each profile allows you to customize your account according to goals, custom-defined parameters and morein your profile settings.
Google Says
A website profile is essentially a set of rules that define the reports that you see. Generally, a website profile corresponds with a domain - you'll have one profile per domain, so that you can view reports for each domain separately.
You can also use profiles to track subdomains separately, by setting up filters on the profile to return data only from that subdomain. We've provided instructions on setting this up - please read How do I track all of the subdomains for my site in separate profiles?
If you would like to track sections of a site, you can again create multiple profiles and use filters to return the applicable data. How do I track unique areas within my website separately?
Profiles are also useful for controlling report access. As the types of reports available for a profile are defined with the profile's settings, you may create two or more profiles for a domain, each with a different set of reports. Assigning users to the appropriate profile will ensure that they are viewing only those reports that apply to them. Please read How do I restrict a user's access to certain domains or reports? for more information.
Add Profile Change Google Analytics has experienced extremely strong demand. As a result, we have temporarily limited the ability to add new profiles. You will continue to be able to log in and view your reports. You'll also be able to view reports within AdWords and import your cost data, if applicable. We apologize for any inconvenience this may cause.
Interpretation
If you haven't got an account yet, you'll have to get on the waiting list here. If you have an account, you can add profiles using the hack found here
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