It's saying 'permission denied' because you are trying to run the .bash_profile as a command. when you type
~/.bash_profile you haven't given it a command to execute against the file.
Because the filename starts with a '.' it is a hidden file. Daniel Beck told you how to find the file in the file listing of TextEdit.
in a terminal window if you type
ls -la it will give you a listing (
ls) of all the files in a directory with a long format (
-l) which provides more information about the files including ownership privileges. the (
-a) will show all files, including the hidden ones.
if you type
edit .bash_profile in a terminal window, it will open the file in a text editor. Also you can
cat .bash_profile which will output the contents of the file directly into the terminal window so that you can review it, (you can't edit it, but you can at least look at it).
More help from the folks here will come if you can at least give the output of the file listing command:
ls -la for the .bash_profile file.