Could someone please advise me on a reasonably priced simple graphics
library that I could add to the standard C++ functions. I would also like
to add a new compiler with a book containing all the latest functions as
well as backward compatibility with the older styles. I need lots of reading
material and lots of sample code.

Something like DirectX or OpenGL? They're both free graphics libraries. For more information on game development, see the Game Development sticky.

Regarding compilers, I would say use Dev-C++ or Code::Blocks if you need a simple environment. Needing something more complex, go ahead and download Visual Studio Express edition. Check out the Starting "C" thread for more compilers/IDEs.

Hope this helps