
What you can take away from the color wheel is how to develop color schemes for your home around complementary colors. Check out these examples:
PURPLE AND YELLOW

These colors look great together because of their location on the wheel, but notice also the other colors these designs pull in: orange, pink and green.
RED AND GREEN

Red and green don't have to look like it's Christmas if you use the right hues. On the left, the light green looks great with the orange/red colors, while on the right, the almost sea foam green favors a deeper red.
BLUE AND ORANGE

You may notice that the general choice here is to use the deeper blue color for the sofa and to accent it with orange. That doesn't always have to be the case -- using blue accents to complement orange furniture will create a bolder, contemporary look.
Images via Flikr