I have found it way better to use the following code the the one supplied. It made it look better and its in a better position. Also notice that when you hoover over the flag it will actually say the full name of the country.
Find:
Code:
{vb:raw template_hook.postbit_userinfo_right}
Add ABOVE:
Code:
<!-- Wy Country Flags Start -->
<vb:if condition="$post['fieldx']">
<a class="postuseravatar">
<dt>Country:</dt>
<img src="{vb:stylevar imgdir_button}/flags/{vb:raw post.fieldx}.GIF" alt="{vb:raw post.fieldx}" border="" />
</vb:if>
<!-- Wy Flags End -->
And of course X being your field id for the user profile field.