You want to develop a Klip and test it, but you don't want to destroy your regular KlipFolio settings to complete the testing.
Create a directory on your hard drive where the development work will happen - for this example we'll use C:\dev\KlipFolio.
Go to Start Menu->All Programs->KlipFolio->Open KlipFolio Folder, and copy all of the files and folders in this directory into your development directory. Also copy the KlipFolio executable (KlipFolio.exe) from the KlipFolio install directory (usually C:\Program Files\KlipFolio) into the root of your development directory. C:\dev\KlipFolio should now contain KlipFolio.exe, parameters.xml, as well as directories named "languages", "skins", "myklips" and "settings".
Be sure to close KlipFolio if it is running, then start KlipFolio with the command-line parameter "/NOINSTALL":
C:\dev\KlipFolio\KlipFolio.exe /NOINSTALL
This will start KlipFolio using the profile that is contained in the C:\dev\KlipFolio directory. Your original profile will remain intact in its original directory, and can be accessed by closing the "development" profile of KlipFolio and then starting KlipFolio regularly.