When you try to change the version it wont let you.

Did you click "Save" at the bottom?

Yes.

Please describe the exact steps to reproduce.
Pleas provide a screenshot of your "Local Version editor" tab.

I opened the launcher, it loaded, I clicked edit profile, clicked enable experimental verisons, clicked on the 14w11b version and then clicked save and saw that it didnt say 14w11b so i clicked the play button anyone and then it started up the 1.7.5 version.
Screenshot you requested: http://gyazo.com/22239c244e0d58feef30edb8e77d5371

Attached your screenshot here.

Cannot confirm.

And you are sure you actually selected said profile?