I came across this smart little Profiler for SQL Express, or any version of SQL as it happens.
Microsoft SQL Server family includes free Express edition, that is fully functional, however has some disappointing limitations which prevent from using it in development process. One of them is absense of profiling tools, standard SQL profiler is not included. However, I came across this SQL Performance Profiler to use with the express edition for tuning your system.
SQL Server Express Edition Profiler provides most of functionality standard profiler does, such as choosing events to profile, setting filters, etc.
It is a small fee of about $5 for three licences, which is well worth the money.