Long winded response...can't make it shorter.
I am a novice to color management.
But the link on Calibrize gives an introduction to color management. If your program supports color management and you enable this then the default color profile as set under Windows color management will be loaded. The standard sRGB setting is fine for most screen viewing and you set your tastes for contrast, brightness and saturation that suites you. I normally set my monitor to "standard" and have things vibrant but contrast and brightness set so I don't get blinded when using Word, Excel etc which have white backgrounds.
If I'm doing photo editing then I set my monitor to "Custom" and use the defined color profile set as the default *.icm/*.icc profile set up in Windows Color Management. The screen will look more bland but it is the way it will look printed unless you have print autocorrect on your printer or at the store (this takes more control away from you). I use store printing (Big W at the moment) and set the print to non auto correct. I use various photo editing tools which are color managed and I end up getting a print close to how I tweak it on the screen.
This is difficult to do without a calibrated monitor and the utility "Calibrize" appears to do a reasonable job (far better than the Windows inbuilt tool) at generating a display.icm profile.