Basic rune set up, flat armor, flat damage, scaling MR, and attack speed quints. The scaling MR runes are because early game you wont see much AP since you'll be laning against another ADC. Also the reasoning for running attack speed quints is because having flat AD marks better than having AD quints and AS marks.

The build is very simple but also different than other builds. As you can see the start off is normal, start dorans and potion to give you the early damage advantage. If you manage to farm well and get at least one kill early you should have enough money to snag up a BF Sword on your first back. If you have the money always buy that first, if you do not have enough money grab a pickaxe and boots. Following your Infinity Edge you will want to get a vamp scepter because without lifesteal runes all you have is the dorans sword lifesteal, which is not enough. Then you build a static shiv giving you pushing power with it's passive also gives you movement speed to get to lanes quicker. Once you finish that you can either build a Blood Thirster or like me build an Essence Reaver, stats are almost identical except the Reaver gives you mana back and since Graves is such an extreme champion of burst I think it is best to get the mana replenish from it's passive. The rest of the build is standard, you grab a Last Whisper for the pure penetration, and a Guardian's Angel to have one more chance if your positioning is wrong or you get caught out.