If you navigate to the Profiles menu (as an Admin User) and are unable to see the Edit feature, your system may have Enhanced Profile User Interface setting enabled.
Note: the Profiles menu does not show Edit button
If you click on a Profile, you do not have access to the standard View and Edit pages:
Go to Setup > Manage Users > User Management Settings
Be sure the Enhanced Profile User Interface setting is Disabled
Once this User Management setting is disabled, your Profiles menu should display the Edit button (for Admin Users):
If you click on one of the Profiles, you should now see the standard Profile View page with all available buttons and object permissions: