Can .org's be used for profit?

I am looking into purchasing a .org name, but want to use it commercially. Is there any type standard in the web industry that says .org’s can’t be used for profit?

There are no restrictions placed on the .org TLD. Anyone can use them. Originally .org was made available for those whose needs were not accomodated for by other TLDs. More info on this is available from the .org registry http://www.pir.org/GetAOrg/faq-general.aspx#q4 Items #4, 7 & 8 in the faq there are of relevance to your question.

Organisation may be a commercial one also. .org can be obtained by any type of organisations. Profit and non-profit is not a criteria.

Have a nice domain soon.
All the best.

Short answer - they used to be. But the restrictions have been lifted for a while now. You can use them for-profit now.