I have a laptop which I use for (the major part) of my work and private life, and would like to set those two apart starting with Google Chrome.

So far, my Google Chrome contains my work bookmarks, logins/passwords and everything else ... which I use for work, which I use privately, which I use in my spare time (funny Youtube videos, what else :)

Is it possible to define multiple Google Chrome profiles, let's say work and free-time, so one can quickly switch between them, where bookmarks, logins and so on, from one would be invisible in the other, and vice versa?

Also, is it possible to put them into some directory different from the default, so one can easily backup them, when needed?

If it is, could anyone describe it in simple terms, or his experiences if she/he has a better way of going about this?