The latest Google Chrome Canary builds have a new feature called multiple profiles which has to be enabled on the experimental flags page of the browser. The new features enables the use of multiple profiles in the web browser, which is in some regards similar to how Mozilla is handling multiple profiles in the Firefox browser.
To enable the new feature, users need to use one of the latest Chrome Canary or Chromium builds. The feature is available under about:flags, a configuration page for experimental or new features.
You need to scroll down to the very bottom of the page to find the Multiple Profiles entry.

It reads:
Associates every browser window with a profile, and adds a profile switcher in the upper right corner. Every profile has its own bookmarks, extensions, apps, etc.
It basically means that you can now make use of multiple profiles in Chrome, each with its own set of custom settings and preferences.
A click on Enable activates the new feature, and you see a new profile selector and creator at the top right of the browser screen, next to the minimize, maximize and close buttons.

You can create new profiles with a click on the button and the selection of create a new profile. This launches a new Chrome browser window displaying a Google Account login prompt.
For now, each new Chrome profile appears to be linked to a Google account, which is inferior to Firefox’s solution which does not have that requirement. This means that you need to create a new Google account for every browser profile that you want to use in Chrome in case you only have a single account to begin with.
Each account needs to be configured for synchronization. One thing that appears to be missing right now is a profile switcher. The only option available in the menu currently is the option to create a new profile which opens a second window with a Google login.
The profile switcher does not appear to be supporting local profiles. That, plus the complicated way of switching profiles are currently the biggest complaints that I have with the service.
Profile Switcher will soon appear in Dev, Beta and Stable versions of the Chrome browser.
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Ok, I activated the option in flags. But I can’t click the “Create new profile button”. I sync Chrome with my account and tried to create another profile but it doesn’t let me.
Besides enabling the flag, is there another thing?
No nothing that you need to do. Did you update Canary or Chromium to the latest? Previous editions contained the button but without functionality.
Yes, in fact, I installed Canary after reading this post and the version is “13.0.750.0 canary”, which I think is the latest.
And yes, in Dev is available in flags, but the button is disabled.
Here’s the problem
http://groups.google.com/a/chromium.org/group/chromium-bugs/browse_thread/thread/1813ba3e82a764ca
At least I’m not the only one
I think you have to go for google chrome canary , not chrome canary.
Chrome only has dev build & google chrome has canary.
I suggest that you don’t use that. It works fine for awhile. Then the profiles mix in with each other and you have to reinstall it. The same problem exists for Firefox. If you like corrupted profiles go right ahead and use it. :) But I won’t.
I’ve used years Firefox and have not come across any problems with it
I would point out that the reason the profiles are tied to Google accounts likely has more to do with Google’s multiple sign-in support on Google services. (I myself have wound up with over 4 Gmail accounts and am constantly opening google docs with the wrong login.) Chrome has supported local user profiles from day one, using proper local storage for the computer’s user account– but this feature is going to remove the need to log out of the computer’s user account just to see a different set of bookmarks.