Yes you get 2 options.... chose profile or profile and custom ring tone. You can set an exception that when on vibrate if an email comes from
use profile loud. That way whatever the loud profile says to do it will do that for the message. There is another option to set a ring tone that must be used in conjunction with a selected profile that will just replace the default ring tone for the profile but you have to make sure that the profile you select has a volume set for the action you are adding an exception for.
Hope this clears it all up.. experiment with it so you understand it.