Setting the color-space (normally to adobeRGB) is the simplest task, when you are sitting in front of a screen.
But adjusting hue and contrast to a standard is a totally different task and can normally only be done with a calibrator like the one Phil mentioned.
Only for contrast there are some charts which lets you adjust it so that the darkest and the brightest steps of the charts can be differentiated on your screen. But again that does unforutnately tells you nothing about the quality of your colors
I understand that Adobe RGB is best for printing purposes and sRGB is best for web display. Thus, we have to keep two files for printing and web purpose...if really into details.
Adobe RGB has greater greens than sRGB....
Can we just print out a photograph and adjust the colour according to the output of the photograph.