ORM Profiler consists of 2 main parts: the interceptor and the client. Your application, the application you want to profile, will be using the interceptor. The interceptor intercepts ADO.NET activity, collects as much information about this activity and sends this information in messages over a named pipe. On the other side of the named pipe, the client is listening for messages and when messages arrive they're stored in a snapshot. If no client is listening to the named pipe, the interceptor will throw away the message.
A snapshot is the central unit in which information about a profiling session is stored: when you profile your application, you record ("profile") the messages sent by the interceptor in your application into a snapshot. This is done by the clients. A snapshot is the element which allows analysis and filtering.
ORM Profiler comes with two clients: a visual GUI, called OrmProfiler.exe, and a command line client called CliOrmProfiler.exe. The Real Time View is a view on the information stream as it is received by the visual GUI client, OrmProfiler.exe.