if you run $profile, it will bring it up even if it doesn't exist.
So, because your using 2008, maybe it just looks a little different. In the explorer bar, it will be viewed as
Computer > C: > Users > My Documents
Within that folder of your profile, open the folder WindowsPowerShell (if its not there create it).
Then, create a new text file names Microsoft.PowerShell_profile.ps1
Voila! Open it up and start creating that profile!
You could also use machine wide profile path
<Installation Directory>\Microsoft.PowerShell_profile.ps1
Which is usually: C:\Windows\System32\windowspowershell....etc
