I was looking for something different but had to chime in since the chosen answer is very inaccurate.
Yes it fixes the problem the user is having because the problem was most likely to do with a corrupt monitor profile.
But if you happen to be someone who photoshops your photos then you'll want the most accurate representation of colour and the only way to do that is with custom ICC profiles.
Assuming he deletes the corrupt profiles, everything will revert to looking the same but that means that he is also without a custom profile.
I don't think I've managed to explain it as well as some of the other people here..
TL;DR: You want to delete the profile if it is corrupted but no you shouldn't just leave it at that.