How to delete records by age and keep only the 2 most recent for a set of key fields

I need to come up with a purge routine to keep only the two most recent records for each set of key fields.  For instance in this table:

CREATE TABLE [dbo].[Profile_Actuals](
[EffectiveDate] [datetime] NULL,
[Company] [varchar](10) NULL,

[Profile] [varchar](4) NULL,
[Value] [real] NULL
)
GO

For every company and profile combination I need to delete everything except the two most recent (by the EffectiveDate field).  Some of them may only have 1, but cannot have more than two.