Display Color Calibrator

Most users should not be "calibrating" their screens using software color controls. In doing so they remove the one-to-one mapping from color displayed by their applications to the color values sent out via the video card to their monitor. This creates banding problems in images. I have seen one case in which a user had fiddled with both the monitor sliders, the windows color correction sliders AND some nVidia color correction sliders, in opposite directions, to the point that his screen looked like something from the DOS days. He never did get it figured out, eventually decided the computer was broken and bought a new one before I could get over to set it straight.

Assuming a need for color tweaking, dccw.exe is the wrong approach for all users. The tool should not be used by anyone who cares about their display quality. Users who do not need or understand color correction should fiddle with their monitor's color settings "until it looks good" without using OS-level color manipulation. Users who do understand color correction but do not need it, also should fiddle with monitor settings. Users who do need color calibration will purchase a high bit-depth monitor and use a calibration device. Anyone who uses dccw.exe is reducing the quality of their display, though they may not notice in the images they have on hand at the moment.

That's not calibration. That's quality checking with a touch of quality-unrelated feature identification.

Also, actual calibration cannot be done without a calibration device. You can tweak all you want, but it's not calibration, so dccw.exe does not calibrate your screen. "Make the gray bars we're displaying look neutral to you" is not calibration. "Our device knows the exact voltages generated in its sensor which correspond to neutral gray" is calibration.

Also, most users shouldn't calibrate their screens using the software settings exposed by dccw.exe. In doing so you remove the 1-to-1 relationship between the finite set of digital values displayed by your computer and the set of digital values sent to your monitor, thus reducing the total number of colors your computer can display and creating banding problems in your images. All color tweaking should be done from in-the-monitor controls. True calibration requires a full high-bit-depth color process from video card to LCD panel. Anything else sacrifices image quality in favor of color correctness, for those colors that do display.

You wouldn't advise adjusting your own monitor settings? It's just a monitor, not taxes. You're not going to hurt it by trying to improve the visual quality so you can see everything as it was meant to be seen. Live a little.

This should be done with an external device and software that reads the monitor colors and creates a color profile for your monitor. The Windows software only works in BW and therefore is pretty archaic.
If you want to correct colors between screen and printer, spend some money and buy Spider or some other hardware/software solution.
And if you are using a laptop, just forget it and adjust you screen to the color profile you like. All the laptops I've used have insufficient resources to deal with this issue.

When I click Next on the first screen, I get a message warning me that my display (Dell 24 inch Ultrasharp) uses a wide color gamut and that the program will create a color profile with a standard gamut, which may result in distorted colors, do you want to continue?

As others have pointed out, if you're comfortable with how it looks, why mess with it? Also, you can always test print a photo to determine whether you get from the printer what you see on the monitor.

Personally, I would simply adjust the monitor color temperature settings and use any available controls on the mointor by using an image of the the standard color bar chart, which I'm sure is widely available. In fact, the nVidia Control Panel associated with my graphics card has the ability to adjust color, gamma, etc settings with refernce images, including the color bar chart.

As a retired photographer and prolab colour technician, I am not finding the digital process any easier to control than it was in chemical processing days, and I agree with many of the comments made. Namely, unless you want to produce display quality prints I wouldn't bother unduly with calibration, just have the screen look nice. For starters how good is your colour vision and have you ever been tested for colour blindness so that you are even able to make a good subjective evaluation?
And yes, it is a really almost hopeless task with LCD monitors of average availability, one needs a dedicated IPS graphic arts monitor and a profiler such as the Gretag Macbeth sensor unit to gain accuracy in colour management. Even then there are problems because the profile that is created needs to be carried through the entire reproduction chain if prints are going to match monitor images.
This means profiling the monitor, the images themselves, the photo app you are using, the printer, and now that Microsoft have put their oar into all of this, the Windows Colour Management System. Quite a tricky procedure with decisions to be made prior to printing whether or not to allow the printer driver take complete control and undo all of this work. Can printer control even be turned off?
If this procedure is not followed you will find that there are most likely two profiles alternating in this chain - sRGB or Adobe RGB - depending on the manufacturer of the software or hardware. They can successfully fight each other and then your monitor image is rather unlike the print you produce.
To repeat what I said at the beginning, I didn't find it any more difficult using variable chemical systems and if I didn't have a great love for producing photographic art, I wouldn't bother.