For those of you who are doing things on the cheap and only using SQL Express, you'll be glad to know that there is an open source
SQL Express profiler project. As one would expect it is pretty basic, but has all the important features, like the ability to filter and select the events and columns to trace. I had a look around the code and it is pretty simple (it could do with some more comments though
), so it should be easy enough to extend should you want to.