Hi Krishendu,
Suppose you call imread as follows
A = imread('/filename.jpg')
The resulting matrix A will be MxNxP, which represents the pixel values that make up the image. For RGB (truecolor) images, P=3 and the returned matrices contain the red, green, and blue components of the pixel values. The matrix values will vary between 0 and 255. Thus to find the pixel value at, say, row 100 and column 50, call as
red = A(100,50,1)
green = A(100,50,2)
blue = A(100,50,3)
If the image is an indexed image (e.g. a lot of medical images use indexed images), P=1 and the matrix values will vary from 0 to some other number. This indicates the position of the pixel in a colormap, which is an Mx3 matrix of color triplets (red,green,blue sets). Thus, if you have a 100x3 colormap 'Map' and your pixel value is A(i,j) = 10, the pixel has the color corresponding to the 10th row in Map. More information on colormaps can be found in the documentation for colormap.
If you have the Image Processing Toolbox available, I would recommend looking at the Getting Started section in the Help for that toolbox. The demos are also worthwhile. What kind of image processing are you trying to do?