The frame buffer pixel value is divided into three fields; one for each
primary colour and each of the fields selects an entry in a separate
lookup table each of which holds the intensity of the appropriate primary
colour. A typical configuration is a frame buffer with 24 bits per pixel
divided into three 8 bit fields each of which addresses a 256 entry colour
table with 8 bits per entry. Such a configuration will be described by a
manufacturer as supporting 2
(16 million) colours out of a palette
of 16 million.
The Graphics Cookbook