Yes you can. For out-of-browser applications instead of profiling iexplore.exe you'll need to profile sllauncher.exe (mine is located at "C:\Program Files (x86)\Microsoft Silverlight\sllauncher.exe"). Instead of passing the .html page as a command line argument, you'll pass the out-of-browser token for the application (this is the name of the folder your .exe lives in under "C:\Users\<username>\AppData\Local\Microsoft\Silverlight\OutOfBrowser") followed by the "/debug" switch. So when you're finished it'll end up looking something like so:
@Jeff: Hi Jeff, one thing I mistakenly failed to mention during my demo was that I had a registry key set to force Internet Explorer to run in a single process (instead of spawning new processes for new tabs). The key is explained on the IE blog here, by setting the 'TabProcGrowth' key to 0 you can force IE to run in a single process. Without this key set you can't garuntuee that you're actually profiling the process the Silverlight is running within. Please give this a try while, as you mentioned, profiling Silverlight inside of 32-bit IE. If you have more trouble, post a new thread on the Silverlight Performance Forum and we can discuss. Sorry that you're having issues!