<p>Let's say that I have a record in the database and that both admin and normal users can do updates.</p>
<p>Can anyone suggest a good approach/architecture on how to version control every change in this table so it's possible to roll back a record to a previous revision?</p>

I think you are looking for versioning the content of database records (as StackOverflow does when someone edits a question/answer). A good starting point might be looking at some database model that uses
revision
tracking.
The best example that comes to mind is MediaWiki, the Wikipedia engine. Compare the database diagram
here
, particularly the
revision table
.
Depending on what technologies you're using, you'll have to find some good diff/merge algorithms.
Check
this question
if it's for .NET.