The graveyard has many gravestones and shipwrecks, including many ships stacked in a pile. There are also many islands surrounded by green goo falling out of a ship's porthole window. Shutting the window will reveal more islands which were originally underwater. The graveyard is also a race track Seymour Scales uses to teach SpongeBob in the DS version of SpongeBob's Boating Bash.
In Revenge of the Flying Dutchman, while the music is usually different depending on what costume SpongeBob is wearing in most worlds, the music in the Graveyard will be the same theme regardless of what costume he is wearing. The same applies to Chum World.