If you want to work seriously with digital imaging and/or Pre Press, you need to understand color - how it works in real life and how it works in your computer.
There are several color models used to classify and standardize color:
Where all three spots meet, the color is at maximum brightness - white. As you may have guessed, the RGB model is used in a television or computer monitor. The colored spots of a TV screen emit three colors, and the sum of these colors determines the impression to the eye. If the color spots shine with equal strength, the visual impression is white or gray.
This is called an Additive color model. Each color in the RGB system has a value for Red, Green and Blue. This value goes from 0 to 255, where 0 for all three colors equals black, and 255 for all equals white. Thinking of the spotlights this is quite logical - no light, or weak light means black or dark color, and full light from all three must result in a strong white light. This means that you can get more than 16 million colors (TrueColor) because 256*256*256 = 16.777.216, but you can only get 256 shades of gray. If you only have an 8-bit output to your color monitor, this is of course academic, because you'll never be able to see more than 256 colors anyway.
Primary colors mean that all other colors can be created by mixing these colors together. Cyan, magenta and yellow are theoretically all you need, but to make a print look sharp and crisp you also use a black plate in the printing press. This is called a Subtractive color model, because the process ink pigments "subtracts" or absorbs certain colors and reflects others (for your eye to see).
Saturation is about how pure or "loud" the color is. The saturation value goes from 0 (grayscale) to 100 (max loudness), where a low value indicates a neutral, dull color, and a high value means a strong, pure color.
Value is all about brightness. Zero for Value means totally black, and 100 is the brightest Value a color can have. Max value doesn't mean white though, (unless saturation is zero )- it is simply the brightest value a color can have with a certain saturation. The HSV color model is used in the Image Dialog for Map, Adjust and Channel Ops. It is also used in certain filters and Modes.
NCS, or the Natural Color System, is the system used by architects and interior decorators. This is also the system they use at the chemist's when you buy paint for your house etc. The NCS color model is based on the six elementary colors; Yellow, Red, Blue, Green, Black and White.
All colors can be described by their likness to the elementary colors. The elementary colors and the color scale between them form a 3-dimensional body. From this color body you can derive a color circle and color triangles. In the color circle (horizontal section of the color body), the colors are arranged according to their position in the spectrum, evenly distributed between the four basic colors Yellow, Red, Blue and Green.
For every color in the circle there is a vertical section, showing the different shades of a color, meaning Whiteness, Blackness and Colorfulness (saturation). In this way you can name a color; Y70R s70c20, meaning an dark brown orange color with 70 % red in it, s=70 means it has 70% blackness and c=20 that it has 20% colorfulness.
Even if you don't deal with this system on your computer, it is important that you understand it, because it is the single most used color system for professional designers and architects. If you get an assignment where the client want you to suggest different colors to a pattern, an object or a building (by using a program like Photoshop or GIMP) you must normally be prepared to relate to NCS values to the client, not RGB or HSV.
Spot color means a color in a commercial custom color system used for printing in color when you don't want 4-color process printing. You may want a non-rasterized smooth silver gray for text on a poster - then you have to specify a predefined spot color. PANTONE and TRUEMATCH are the most common custom color systems used by professional printers.
The definition of complementary colors are two colors which produce a neutral gray when mixed together. Complimentary colors in real life are not the same as on your monitor. Most people a taught as children that mixing yellow and blue results in green. This is perfectly true if you're talking about inks, oil paint and pigments, but it doesn't apply to the RGB color model. Try painting yellow in a layer on a blue background and watch it in 50% opacity - no green appears, just a neutral gray. Do the same with watercolor or oil paint and you'll definitely get a greenish color! The best way to understand this is to look at the RGB color circle. In the circle model the complimentary colors are found opposite each other. In the RGB color system the opposite of red is cyan, the opposite of yellow is blue and so forth. Look at it this way; the inverted or complimentary value equals 255 minus the original value in the RGB model.
This doesn't work with pigments in real paint. Here you must use another color circle. In the "Natural" color circle you can see that the complimentary color of yellow isn't blue but violet, while the complimentary color of blue is orange. Water color artists often work by adding a complimentary color to neutralize an overstrong background without dulling it, and think of why some old ladies have "blue" hair. They are just trying to neutralize unwanted red/yellow shades in their gray hair by using a dye with the complimentary color - which is blue or violet.