You create a new profile by clicking the ' + new ' tab on top of the General options panel. You can click the tabs to switch between profiles and click the currently active tab again to rename it.

You can do the same to create a new instance of a timer (called clones). The only difference is, of course, that clicking a tab here will just switch the options panel to the settings of that frame; all enabled clones are active at the same time.

In case of the Spell Timer you can easily create a frame for different targets by editing the 'Units' settings, or make frames for specific spells by going to 'Spell Coloring/Filtering'.