sRGB color space profile.icm is the default profile used by Microsoft WCS
(windows Color System), so it could be considered an "essential" file, at least to display colors properly in MS applications (such as IE). It is based (or the same) as sRGB IEC 61966-2-1.
It is very likely that the file in the /system32/spool/drivers/color/ folder has a "Hard link" to the same file in another location, most likely /Windows/Winsxs (Windows components store), which recreates the file if you delete it.
In windows vista, 7 or later, you can check if you have a hard link from a command prompt (with administrator privileges):
> Fsutil hardlink list "sRGB Color Space Profile.icm"
In windows XP the Fsutil hardlink does not support the command "list", but there are a couple of utilities available from third parties if you google for it.