From memory I suggest the following.
Regardless of the profile you choose, you must still go into the individual settings within that profile to make sure that it's set up to silent. If you don't, then you'll carry on earing the setup sounds that are programmed into the individual apps.
In other words, you'll have to set all the sounds of the individual apps to that profile.
I think that's it. I hope.
The wonders of BB OS's...
I went to Options, Sounds & Rings, Sounds for Selected Profile, Other Applications, facebook (example).
Where it says Play Sound: Do I select… In holster, Out of holster or Always?
Visual Alerts / LED: Should it be On or Off?
Scotty, if you´re in the profile "silent", choose "always". You must do the same with the other apps like mail, sms, mms or whatever ones you want to silence, even BBM. You can keep visual alerts on if you wish. The little light above your screen will flash you a warning that there is something new you´ve received.
The Holster option was quite a valuable one, but for that you´d need a BB holster (a genuine one) which has a magnetic clip that activates the "holster" profile. If you don´t have one, it´s of no interest to you.
Another thing you can do is set up a custom profile. It take's some time but is great for when you want it. delfim is correct on what he stated. A custom profile let's you pick and choose the apps, notification styles, LED, and more. I worked great on my Bold and I'm sure it will work on the Torch.