Adobe Color Profiles/Color Spaces, how is it possible that this works?

Question

I'm learning about Color Profiles/Color Spaces/Monitor Color Management Profiles and I was just wondering how any of that justified considering the fact that I could throw the entire color anything off by adjusting the brightness and contrast of my monitor?

Additionally there are things like lighting in the place where your monitor resides. I don't understand what makes it possible to know that the colors that you are looking at on your monitor are accurate. I really don't have any idea where to start (considering I obviously can't even get the terminology right in the first place...:-p)

Answer 1

If you're really serious about it, you calibrate your monitor under different light levels and set up your colour management profiles using that information.

Generally, calibration is performed by looking at the monitor with a camera and comparing what colour the monitor is showing against what colour it thinks it's showing.

Answer 2

The color profiles send as accurate as possible information to the monitor, but, basically, you are right when you say that it is impossible to determine if it is correct. Designers have to use tools like this (http://www.pantone.com/pages/products/product.aspx?pid=79) if they want truly accurate colors on their screen.