Welcome to the forum, though I am wondering how you ended up here. This is not a generic Dell forum - we focus on the Mini and Streak products.
Assuming that what you have is an Inspiron 530S, you can use pretty much any LCD monitor sold today. I believe your model has only a VGA output so you'd want to make sure that the monitor you buy includes a VGA adapter or cable (most do, but not all.)
Advice on color accuracy would need to come from somewhere else, though if you're serious about this an investment in a monitor calibration device such as ColorMunki or Spyder would be in order.