Photoshop Color Problem

Hello, I am using Photoshop 7 and am unable to solve my color problem. Images do not seem to have the correct colors in photoshop. I have tried playing with the color management settings but have been unsuccessful. The problem can be seen in the picture, which compares the same photo, opened in photoshop and windows photo viewer at the same time. The photoshop window is the top right image.

I meant "top-left", I wasn't looking at photo while typing.

you need to reset all your settings to their default. to do this you must press + hold ctrl+alt+shift (windows) immidiately when Photoshop begins to open. if performed correctly, a pop-up will ask if you wish to restore default settings, so click yes.

this should rid the problem, for somewhere or another, your color settings were changed somehow.

I tried what was suggested, and reset all color settings, but this did not solve the problem. The pictures were take with an Evolt E-300, but I am almost certain that the problem is unrelated to the camera, as it is prevalent with all pictures. Any other suggestions as to how I can fix this problem? Thanks.

Problem solved. I went to the Windows Display properties, then the settings tab, then "advanced", then the color management tab. I removed the Dell 1704FPT Color Profile, and the problem was solved. I use a Dell 1704FPT, so I am unsure why this was a problem. Does anyone know if I will now have problems, considering that I do not have any Default Monitor Profile? What is the default monitor color profile for? Thanks.