The International Color Consortium (ICC) color profiling is a standard industry method for output devices to 'sync up' their color.
'What you see is what you get' (WYSIWYG) color is a misnomer. An image will not look the same on different monitors and printers without major adjustments and changes to environment settings.
The ICC set standards on how to describe color by means of color profiles, which software applications, drivers and hardware could read and interpret - the idea being that you could attain better WYSIWYG color.
Currently, ArcGIS does not support ICC color profiling. However, ESRI development is researching ICC color profiling support within ArcMap as a part of greater output and display development projects to be available in the future. This has been submitted as NIM005142.