You can softproof and use gamut warning using any profile as the destination profile, not just a printing profile.
There is a limitation about Gamut Warning (at least up to Photoshop CS3, I don't know if this has changed in the newer versions): It will alert when any of the channels reach saturation or clipping (at 255) but not if it reached zero (0). Why does it matter?
Well, I found this playing with the ColorChecker. The cyan patch in the 3rd row, last column, is outside the sRGB gamut (the value of the computed R coordinate is -49), but if you use the Gamut Warning function, you will not be alerted. This is because the RGB values represented are 0; 135; 166.
Another way to analyze if there are colors outside the gamut of your monitor or desired destination space is to use 3D gamut plots. You will not be able to visualize directly which particular area of the image is out of gamut, but could give you the magnitude of the out of gamut volume. There are several tools to do this, like ColorThink Pro, up to open source combination of tools provided in Argyll CMS.