That's not one I've seem before. I wonder, did this happen the very first time you opened the profiler, or did it develop after a couple of uses?
If it developed later, I think it may be a problem with an old project settings file. You can try clearing the profiler's startup project settings, by deleting any files that have a path something like:
C:\\Users\\alex.davies\\Local Settings\\Application Data\\IsolatedStorage\\xkeuecxr.225\\rkl31svo.yby\\StrongName.ijjuoc43iwe3ingfwrfydjwu2fxh2ckj\\AssemFiles\\APP4_LastProjectSettings.xml
Obviously replacing my username with yours, and exploring to find the right random sequences of characters (everything there is pretty temporary, so don't be too worried about deleting things).
Also delete any saved project files you may have to ensure they aren't loaded instead.
Let me know how it goes,
Red Gate .NET Tools