Certainly. I name my profiles "Nightly" and "Release". You will need to right-click on the shortcut and select properties. Then, add the following to the Target (changes in bold):
"C:\Program Files (x86)\Mozilla Firefox Release\firefox.exe" -P "Release" -no-remote
This will load Firefox with the "Release" profile, and the -no-remote allows you to run Firefox Release and Firefox Nightly at the same time.
"C:\Program Files (x86)\Mozilla Firefox Release\firefox.exe" -P "Release" -no-remote
This will load Firefox with the "Release" profile, and the -no-remote allows you to run Firefox Release and Firefox Nightly at the same time.