No, it calibrates it to the "real world". Not every monitor shows the same colour when told to colour a pixel in, say, #0000FF. The calibrator is a device that sits on the monitor whilst some tests are being run, and then generates a profile for the monitor.
This profile then (kind of) sits between the OS and the video card and "translates" colours that the OS wants to show into signals that will cause the monitor to generate something that most closely matches that colour in real life.
As a result, the same image should look the same on any calibrated monitor.