you must know what |x| and |y| means . if x>0 the |x| = x while is x<0 then |x| = -x.
Combine x ,y to be > or < 0 and you will get 4 cases. then graph the equation accordingly
you will get a perfet square with centre at (0,0) and vertices A(0,1) ,B(1,0) ,C(0,-1), D(-1,0).
for graphs belonging to functions the vertical line test must be satisfied... can you applied this test here?
Please show us some of your work.