Hi irishwill2008,
The only options at the moment are...
Via the user interface:
Network > WLAN0 > Wi-Fi stored profiles - SHOW > ADD a new static profile or DELETE an existing profile and ADD a new one (as you say above, no edit feature)
Via SSH:
Examples of profiles are here: /etc/netctl/examples
Profiles need to be created in this directory: /etc/netctl
Profile file name is: <your network sysid>
To activate a new profile, you must disconnect and reconnect to the network, easiest and safest way is to reboot.
Not sure if it is OK or a problem to edit the WiFi profile on the fly? Maybe it was set up the way for a reason.
janui