Apple hid your User>Library folder in Lion, because they think you are too stupid to have access to it --- those freaking MORONS! Get finder in your top tool bar. Hit the "Go" menu and hold down the Option key -- User>Library is now visible, click it. Now it's open and you can browse it. In there is the normal Application Support>CaptureOne>then the Profiles folder.
I did figure out what happened to ~/Library. "defaults write com.apple.Finder AppleShowAllFiles TRUE", now I see EVERYTHING (TMI:). But there is no Profiles folder under ~/Library/Application Support/Capture One. I even went exploring inside the CaptureOne.app, but did not see the ICCs in there either. They've gotta be coming from somewhere. The reason I ask is I don't see them when using ColorSync.app and wanted to look at the IQ180 gamut compared to ProPhoto and my paper's profile.