The following is the method used to create four new properties in the SSP:

private void VerifyCreateBaseProfileProperties()
        {
            SPSite site = SPContext.GetContext(HttpContext.Current).Site;
            Guid siteId = site.ID;
            HttpContext savedContext = HttpContext.Current;

            SPSecurity.RunWithElevatedPrivileges(delegate()
            {
                using (SPSite elevatedSite = new SPSite(siteId))
                {
                    try
                    {
                        HttpContext.Current = null;

                        elevatedSite.AllowUnsafeUpdates = true;
                        elevatedSite.RootWeb.AllowUnsafeUpdates = true;

                        ServerContext serverContext = ServerContext.GetContext(elevatedSite);

                        UserProfileManager profileManager = new UserProfileManager(serverContext);
                        UserProfileConfigManager profileConfigManager = new UserProfileConfigManager(serverContext);
                        PropertyCollection propertyCollection = profileConfigManager.GetProperties();

                        bool question1Exists = false;
                        bool question2Exists = false;
                        bool question3Exists = false;
                        bool termsOfUseExists = false;

                        foreach (Property property in profileManager.Properties)
                        {
                            switch (property.Name)
                            {
                                case "SecurityQuestion1":
                                    question1Exists = true;
                                    break;
                                case "SecurityQuestion2":
                                    question2Exists = true;
                                    break;
                                case "SecurityQuestion3":
                                    question3Exists = true;
                                    break;
                                case "TermsOfUseAccepted":
                                    termsOfUseExists = true;
                                    break;
                            }
                        }

                        if (!question1Exists)
                        {
                            Property question1 = propertyCollection.Create(false);
                            question1.Name = "SecurityQuestion1";
                            question1.DisplayName = "Security Question 1";
                            question1.Type = "string";
                            question1.PrivacyPolicy = PrivacyPolicy.OptIn;
                            question1.DefaultPrivacy = Privacy.Private;
                            question1.Description = "Security Question 1";
                            question1.IsSearchable = false;
                            question1.IsVisibleOnEditor = false;
                            question1.IsAlias = false;
                            question1.Length = 100;
                            question1.IsUserEditable = true;
                            propertyCollection.Add(question1);
                        }
                        if (!question2Exists)
                        {
                            Property question2 = propertyCollection.Create(false);
                            question2.Name = "SecurityQuestion2";
                            question2.DisplayName = "Security Question 2";
                            question2.Type = "string";
                            question2.PrivacyPolicy = PrivacyPolicy.OptIn;
                            question2.DefaultPrivacy = Privacy.Private;
                            question2.Description = "Security Question 2";
                            question2.IsSearchable = false;
                            question2.IsVisibleOnEditor = false;
                            question2.IsAlias = false;
                            question2.Length = 100;
                            question2.IsUserEditable = true;
                            propertyCollection.Add(question2);
                        }
                        if (!question3Exists)
                        {
                            Property question3 = propertyCollection.Create(false);
                            question3.Name = "SecurityQuestion3";
                            question3.DisplayName = "Security Question 3";
                            question3.Type = "string";
                            question3.PrivacyPolicy = PrivacyPolicy.OptIn;
                            question3.DefaultPrivacy = Privacy.Private;
                            question3.Description = "Security Question 3";
                            question3.IsSearchable = false;
                            question3.IsVisibleOnEditor = false;
                            question3.IsAlias = false;
                            question3.Length = 100;
                            question3.IsUserEditable = true;
                            propertyCollection.Add(question3);
                        }
                        if (!termsOfUseExists)
                        {
                            Property termsofUsequestion = propertyCollection.Create(false);
                            termsofUsequestion.Name = "TermsOfUseAccepted";
                            termsofUsequestion.DisplayName = "Terms Of Use Accepted";
                            termsofUsequestion.Type = "string";
                            termsofUsequestion.PrivacyPolicy = PrivacyPolicy.OptIn;
                            termsofUsequestion.DefaultPrivacy = Privacy.Private;
                            termsofUsequestion.Description = "Terms Of Use Accepted";
                            termsofUsequestion.IsSearchable = false;
                            termsofUsequestion.IsVisibleOnEditor = false;
                            termsofUsequestion.IsAlias = false;
                            termsofUsequestion.Length = 10;
                            termsofUsequestion.IsUserEditable = true;
                            propertyCollection.Add(termsofUsequestion);
                        }
                    }
                    catch (Exception exc)
                    {
                    }
                    finally
                    {
                        elevatedSite.Dispose();
                    }
                }
            });

            site.Dispose();
            HttpContext.Current = savedContext;
        }

Note that the current context (HttpContext.Current) needs to be saved off, set to null, then reinstated upon the completion of the method.

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The Web PI certainly looks promising as a quick ramp-up when setting up a development environment (or even a one-off server environment).