Gamut is the range of colors that are displayed in RGB or HSB (red, green, blue and hue, saturation

and brightness) on your screen. There are also LAB colors which have the largest gamut or range of color. And those colors that can be printed into CMYK, cyan, magenta, yellow and key(black). But may need some adjustments. Some colors that are out of gamut in photoshop are brought back into gamut to the closet color so that your printer can easily recognize before printing. Photoshop will do this for you if you convert your image from RGB or HSB to a CMYK file. Also the human eye can see more of the color spectrum than what is represented in photoshop and what you see on the screen is not necessarily what you will see on print.