Profile not available in Web Application

Using the Web Application project, you are unable to use the intellisense on the Profile class. A workaround has been provided by Joe Wrobel in a post build task.
This post build task is called Web Profile Builder and can be download here.
The simple approach:

1. Install the package.
2. Add the following to your .csproj file
   

   <Import Project="$(MSBuildExtensionsPath)\WebProfileBuilder\WebProfileBuilder.targets" />

3. Build project

Joe has a more details in his post on how to use the build task.