Originally posted by rlatjsrud So it creates my own profile for lightroom?
Yes. You take a couple of photos of the Color Checker in different lighting conditions - typically, one on a cloudy day and one under typical indoor house lighting, then load these into the DNG Profile Editor, and with a few mouse clicks, the software creates a profile. You can even do this with just one photo of the Color Checker in one lighting situation, but that profile will be less useful if used across a wide range of lighting conditions.
Once you've created that profile, it can be applied in Lightroom to photographs you take with that specific camera, and it should result in neutral, accurate colour reproduction. I use it this way all the time, as I want all of my photos to start off with accurate colour, even though I may subsequently change aspects of the hue, saturation and luminance for individual shots.
However, with that same profile still loaded in DNG Profile Editor, you can then tweak how each colour shown on the X-Rite Color Checker is rendered - as I say, you might choose to boost or reduce the saturation in one or more colours, perhaps skew the hue of other colours, or tweak the luminance. You can then save the edited profile and this can be used in Lightroom as a basis for your photos. Several people have used this tool to create profiles that broadly replicate a particular type of 35mm film with their specific DSLR.