::NOTE:: This tutorial is for Windows. I do not have a Mac, so if anyone wants to post with Mac instructions, feel free to do so!
1) Create a folder named "Minecraft" inside of your C:____\AppData\Roaming directory.
2) Transfer your .minecraft folder into the "Minecraft" folder.
3) Transfer the Minecraft.exe application into your new folder.
4) Open up a text editor, such as Notepad (NOT WORD), and type this code:
set APPDATA=%cd% javaw -Xms512M -Xmx512M -cp Minecraft.exe net.minecraft.LauncherFrame5) Save the file as "StartMinecraft.bat" Make sure it is the txt filetype and you include the .bat extension.
6) Save it in the folder you just created.
7) Now right click the .bat file and click Send To -> Shortcut.
8) Copy the "Minecraft" folder and paste it again in the Roaming folder, and rename it "Minecraft - (whatever you plan to use this version for)"
9) Create a shortcut of the .bat in the new folder.
10) Rename the shortcuts to be the same name as the folder in which they originate.
If you want it to look neat and look like actual Minecraft.exe you will need to go to the shortcut properties and change the icon to minecraft.exe.
I use this method to create 4 different configs of the game.