yeah. .profile and .bashrc are just lists of bash commands to run every time you start the shell. You can define aliases, or functions (functions are like aliases, but more robust), and environment variables. You can do other stuff too (anything you can do on the commandline), but that's the bulk of what you'd want to do, generally.
If you want to use .profile, add "source ~/.profile" to the beginning of your .bashrc, then start making your .profile