bash aliases are a time saving mechanism. You can alias a longer command you type often to a single word as follows:
alias temp='cd /projects/temp/'
alias x='xterm &'
~/.bash_profile is loaded every time you login to unix. You can do many handy things with it, one is to differentiate between the fishtank and element machines by setting the command lines to different colors:
case $HOST in sodium) prompt red ;; brill) prompt blue ;; esac