Is there a Graphics Mode?

I noticed there was a lot of discussion here about Dwarf Fortress, so I looked it up and downloaded it. I was surprised to find it was all in text.

Is there a graphics mode for this game?

I would like to check it out because I'm a fan of old games and all... but I'd at least like some graphics! Where can I find a newer version (if there is one?) that has graphics?

There is no "graphics mode" for Dwarf Fortress. However, the game was designed to be easily modded, and that includes changing which tiles are displayed for the dwarves, monsters, most everything, really. There are several graphics packs floating around.

Phoebus' graphics set is one popular option, and Ironhand's graphics set is another.

If you're completely new to Dwarf Fortress, I'd suggest the Lazy Newb Pack, which contains both of those graphics sets, as well as a few other helpful utilities, such as Dwarf Therapist. (Though at the time of this answer, the Lazy Newb Pack has yet to be updated to the latest version of Dwarf Fortress, 31.18)

Sure. It's called Stone Sense. Well, it might be a stretch to claim it's fully graphical, but it will let you view the game in isometric 3d. So kind of?! Raven's answer is probably more practical, as unless you have a VERY boss machine, running DF and Stone Sense at the same time is probably going to eat up a fair bit resource wise.