A user profile contains all the desktop settings for a user's work/play/etc environment, in addition to this, the profile stores the user's personal registry settings for everything from desktop background to the users' initials in MS Word. It will also contain a number of files which are user specific, ie cookies.
Each person who has a seperate/individual user account has their own profile.
Take a look in windows explorer (or file manager of choice), documents and settings, to see what the profile is and whether it has other info. Each profile is stored in a subfolder, your profile for eg will be along the lines of C:\documents and settings\mikeD.
Providing you have not created any new accounts today, then you should be OK to delete this new profile. But, make a backup of all your important stuff first, just in case.
I have three profiles for myself, general, game and graphics, I do this so that when I play games no useless stuff is loaded in to memory.
Hope this helps.