Take a look at this video here at around 35mins in they show how to profile your app, not sure if you can do it 'live' tho.
More information from this post on milk.com:
Haven't tried this since android 1.6 and not sure if you could do it live but you used to be able to generate heap data by:
Get a command shell on the device:
$ adb shell
You can verify that you're running as root with the id command. The response should look like uid=0(root) gid=0(root). If not, type su and try again. If su fails, you're out of luck.
Next, ensure the target directory exists:
# mkdir /data/misc
# chmod 777 /data/misc
Use ps or DDMS to determine the process ID of your application, then send a SIGUSR1 to the target process:
# kill -10 <pid>
The signal causes a GC, followed by the heap dump (to be completely accurate, they actually happen concurrently, but the results in the heap dump reflect the post-GC state). This can take a couple of seconds, so you have to watch for the GC log message to know when it's complete.
Next:
# ls /data/misc/heap-dump*
# exit
Use ls to check the file names, then exit to quit the device command shell.
You should see two output files, named /data/misc/heap-dump-BLAH-BLAH.hprof and .hprof-head, where BLAH is a runtime-generated value that ensures the filename is unique. Pull them off of the device and remove the device-side copy:
$ adb pull /data/misc/heap-dump-BLAH-BLAH.hprof tail.hprof
$ adb pull /data/misc/heap-dump-BLAH-BLAH.hprof-head head.hprof
$ adb shell rm /data/misc/heap-dump-BLAH-BLAH.hprof /data/misc/heap-dump-BLAH-BLAH.hprof-head
Merge them together and remove the intermediates:
$ cat head.hprof tail.hprof > dump.hprof
$ rm head.hprof tail.hprof
You now have the hprof dump in dump.hprof.
The data file format was augmented slightly from the common hprof format, and due to licensing restrictions the modified hat tool cannot be distributed. A conversion tool, hprof-conv, can be used to strip the Android-specific portions from the output. This tool was first included in 1.5, but will work with older versions of Android.
The converted output should work with any hprof data analyzer, including jhat, which is available for free in the Sun JDK, and Eclipse MAT.