Can Camera Raw or Lightroom use camera profiles built by third-party software?
Not currently. Software tools such as ProfileMaker and MonacoPROFILER build ICC camera profiles. When rendering raw images, CR / LR only support profiles in the DNG camera profile format (described in the DNG 1.2 specification). We hope this situation will change in the future (i.e., third-party tools will add support for the DNG camera profile format). Also see related question.