An ICC profile is a little file that basically describes the colour profile of your monitor and allows programs to map colours accurately. Firefox can read them, and you can load them on boot into your graphics card LUT using something like LutLoader (search this thread for that word).
First of all, whack the brightness down to around 10, that will give the desired 120cd/m2.
Secondly, of course the reds are oversaturated - this is a wide-gamut monitor. Without a proper hardware calibration being performed this will be the case.
As for text, mine looks fine, but you need...
ecat: are you using firefox with colour management enabled? In that case you will see banding which is a natural side effect of colour space conversions (mapping sRGB onto aRGB).