Announced over at XDA-Developers about a week ago, the latest version of Phone Profiles - 5.5 - has been released. It appears that the software - written primarily for Windows Mobile 2003 and Pocket PC 2002 based Pocket PC Phone Edition devices - offers simultaneously :

• Manage your phone volume using profiles - Default, Loudest, Quietest, and Silent
• Ability to change profiles using the stylus, or just a finger touch to the screen if preferred
• Replacement to the built-in (for XDA II / i-mate Pocket PC Phone / MDA II) IA Caller ID program for displaying photos for Contacts
• Modification of the incoming call balloon to your own customized message, colors, images, background, and style - including the ability to switch to a full screen notification
• Change rings, sounds, and vibrations with much more control than currently available
• Customize your icons, interface, and taskbar (such as replacement of the Start icon for different profiles)

It really looks like great software - although it has been indicated by XDA-Developers to still have some issues - and it's almost certainly worth a try! Download the 7 day trial from here.

Because it potentially solves so many issues for me, I might just be doing a review of it sometime soon!

Source: XDA-Developers