Microsoft Download Center Color Control Panel Applet for Windows XP page contains the following overview:
The Microsoft Color Control Panel Applet adds a new 'Color' item to the Windows control panel, providing a single place to view and edit color management settings in Windows XP. Using it, you can install and uninstall color profiles, change color profile associations for displays, printers and scanners, view detailed properties for color profiles (including a 3D rendering of the color space gamut), and rename color profiles, keeping the filenames and "internal" names consistent.
This tool also enables Windows to automatically adjust the gamut curve of the display when a color profile containing gamut table information is set as the default profile for the display. Typically, such profiles are created by custom monitor calibration tools, such as those available from ColorVision, GretagMacbeth, and X-Rite. If a color profile has this information, it is shown with an asterisk (*) in the user interface.
Using the Microsoft Color Control Panel Applet, you can:
Install and uninstall ICC color profiles Inspect, rename, and compare two different color profiles View a 3D graphics plot of color profile color gamuts Associate color profiles with devices such as printers, monitors, and scanners Apply custom color gamut adjustments to one or more displays “on the fly” Set up display calibration reminders at intervals you specify