I need to understand that how calibration works for cameras. I do not have basics good enough. Can someone please help me in understanding that how can I apply calibration data to an image taken with a camera for which I already have the calibration matrices such as Camera Matrix, Rotation and Translation matrix, and Distortion Matrix. I got all these using opencv, but I really do not understand how it works. Reading some tutorials helped but still not good enough. Please Please Please help me!!!!!!!!!!! Thanks in advance, Sumit
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It depends on what you are trying to do. You can use the calibration parameters to remove lens distortion from an image. With a single calibrated camera you can measure planar objects, or you can do 3-D reconstruction from multiple images, assuming you know the extrinsics. With a calibrated stereo pair of cameras you can do 3-D reconstruction more easily.
I am not sure what you mean by "manually". Generally, this is a rather broad topic, which cannot be explained in a few paragraphs. I would recommend you start with the "Learning OpenCV" book by Bradski and Kaehler.

Dima
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thanks Dima. but my question is how? My Prof. asked me to do this manually but I do not get that how to proceed. – SumitM Dec 03 '14 at 18:17