Found these two forum poststhat show how, as well as how to wire up ANTS to Webdev.WebServer.exe (aka Cassini).

Here’s the summary:

• Start ANTS Profiler Select either Profile memory or Profile performance
• Select .NET desktop application as the type of project
• Click the elipsis (…) to the right of .NET desktop application and browse to c:windowsmicrosoft.netFrameworkv2.0.50727 and select Webdev.WebServer.exe
• Let the working directory automatically update
• Fill in the arguments necessary to start your web application: /Path:”c:inetpubMyApp” -the path to the web application on your hard drive /port:8080 -a TCP port not currently used by IIS (or other app) /vpath:”/MyApp” -the name of the virtual directory where the app normally is found in when you run it in IIS
• Choose what code to profile and click Finish
• Start a web browser and enter the address of the web app on your local machine, in this case http://localhost:8080/MyApp
• Use ANTS Profiler as normal (take snapshot, etc)
• When you are finished, close the web browser and then the console window launched by webdev.webserver.