You can run more than one Firefox profile at one time.
You first need to create a new profile. You need to run the following in the run dialog or command prompt: C:\Program Files\Mozilla Firefox\firefox.exe -profilemanager
Make sure that each profile has a unique name. Check the “Don’t ask at startup” box.
Then, make another shortcut to Firefox. Copy/paste the current shortcut, then open up the properties page and go to the Shortcut tab.
Add the following to the end of the Target box:
-P YOURPROFILENAME -no-remote
On the copied shortcut, simply add the same "-P YOURPROFILENAME -no-remote" string to the shortcuts target, and use the new profile name.
Done. Each shortcut will now open their own profile in Firefox, and each will have all of their own distinct settings and configurations.