setting up a monitor for correct color display

[Tony Phamily Man]

I've recently tried to calibrate my monitor for correct color display when editing photos, but I'm currently unsure as to how I can even approach this. Is there a standard on which I can base this? I know there are color spaces, but when I apply them to my screen they don't actually change the appearance. I assume they're primarily for standardized communication between printers/computers. I can adjust the contrast/brightness but what can I use as a standard. I know I can use color spectrums to make sure each shade is shown, but even when I make comparisons to say industry standards like MAC's displays, I find myself way off. Any help would be much appreciated.
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[sovietdoc]

The best way to color-correct your monitor is to go and get a Amazon.com: ColorVision S3P100 Spyder3 pro: Electronics

 

[KmH]

Many would disagree the Spyder3 colorimeter is the best tool to use.

What type of display is your monitor: TN? IPS? PVA?

The software that comes with a colorimeter, and that runs during monitor profiling, is also important. The software puts the proper color swatches, in the right sequence on the monitor for developing the monitor profile.

Profiling your monitor is beneficial for editing and printing, not necessarly for computer or online display, because you can only control the color adjustments of the monitor(s) you have, no one elses.

Here is a link to some generic info about monitor calibration:
How to Calibrate a Computer Monitor With a Colorimeter | eHow.com

I recommend the i1Display 2 colorimeter and software from www.xrite.com . I also recommend their other color management tools, like the ColorChecker Passport.