Is there a way to monitor the CPU and memory usage of Silverlight 2.0 Applications? Are there any tools available for doing this?
Though there is no perfect answer, for full power profiling, convert your Silverlight app to a WPF desktop app. There are plenty of profilers for WPF desktop applications.
Alternatively, I found a pretty cool tool that may serve your needs: Silverlight Spy is a free, basic profiler for 2.0 and 3.0
This article explains some other approaches users have taken
This stack overflow question provides another answer using Windows Server tools, but it makes no mention of these other techniques, and I'm not sure if you're asking the same thing. Anyway, it suggests using XPerf, so here is an excellent explanation of profiling Silverlight using XPerf
Silverlight Spy is a cool tool, but it isn't a performance profiler.
But our company released a Silverlight code profiler today (EQATEC Profiler 3.1). You can now easily measure performance through method timing. As the first and only profiler in the world it supports all .NET platforms (full, compact and Silverlight).