GNS3 is a graphical network simulator that allows users to emulate complex networks by running actual Cisco IOS images in a virtual environment on their computer. It provides a graphical interface for designing network topologies using nodes like routers, switches and firewalls. Key features include the ability to run Cisco IOS on platforms like 7200 routers, provide console access to devices, and calculate idlepc values to reduce CPU usage during emulation. The document provides step-by-step instructions for installing GNS3 and creating a simple topology with a single router to familiarize users with the tool.