Here's another similar post that was helpful to me:
viewtopic.php?f=8&t=5262&p=22739#p22739
They have videos about managing profiles and adding new material/quality options, so if you haven't see those yet, that's a good place to start.
But as for the differences between process vs profile, as I understand it, the profiles contain all of your machine settings along with material and quality options. Those are saved internally, so you can always get back to your best saved Replicator 2 settings or something like that. You use the "Select Profile" drop down list to select the best known settings that you want to start from. Then you can make whatever local changes that you need (you will see "(modified)" in the profile name once you change something).
The process on the other hand is just used to define how you want to build the part. So for example, if you were doing dual extrusion, you may have 2 processes, one for each color. Frequently, I have multiple processes to change settings for different areas of my part. It's probably also quite common to have only one process if you're just printing a single part with unchanging settings. But as way said in the link above, if you have lots of extra processes loaded that aren't required to manufacture the part (i.e. aren't being selected when you click "Prepare to Print"), then you're probably doing something wrong.