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Microsoft make this piece of software called "Visual Studio 2008 Professional". I have found that there doesn't appear to be an application performance profiler or something similar in it, making it seem not so "professional" to me.
If Microsoft don't include a profiler, what are your third party options for time profiling for Visual Studio 2008? Free would be preferable, as this is for uni student purposes :P
RedGate ANTS profiler is not that expensive, and does the job.
There are a couple of free profilers, not as complete or polished as the commercial ones, but they can definately help a lot:
Eqatec - This was designed for Windows CE, but works just fine for normal applications.
Soft Prodigy Profile Sharp - This is actually an open source project written in c#, so you can tinker with it if you want.