You might get an error about access to the license file being denied when first trying to use the Profiler. This is usually a result of Windows' locking out the Profiler because it was downloaded from the Internet.

To resolve this issue, go to the folder where you extracted the Profiler, right click on L2SProf.exe and select Properties. You should see something similar to this:

Click on the Unlock bottom (marked in red in the above picture) to grant the Profiler standard application permissions and resolve the issue.