I was going to write a blog post about how to manually create multiple user profiles in Google Chrome, and while I have actually successfully done this, I've found a much simpler solution. There is a company called Parhelia Tools that has developed an application that will actually create new profiles for you through a nice GUI (the manual method requires the use of the command prompt).

You can get the tool at the following URL: http://www.parhelia-tools.com/products/gcb/googlechrome.aspx

The tool allows you to specify any directory to store your profile in, but I would suggest you keep them in the default folder.

The path in Windows Vista is: "C:\Users\username\AppData\Local\Google\Chrome\User Data\"
The path in Windows XP is: "C:\Documents and Settings\username\Local
Settings\Application Data\Google\Chrome\User Data\"