What are lungfish and it is true that they have lungs?

Answer 1

Yes it's true - they come from climates where the water can dry up, so the lungs allow them to breathe while they burrow into the mud and await rain. They make a sort of "cocoon" around themselves with mucus and go into a state of hibernation until water returns

http://petcaretips.net/lungfish.html
http://www.whozoo.org/Anlife99/lashawn/africanlungfishindex4.htm
http://www.stlzoo.org/animals/abouttheanimals/fish/africanlungfish.htm
http://www.whozoo.org/fish/primbony/lungfish.htm

Answer 2

Lungfishes can be found in Australia, South America and Africa. There exist a total of six different species divided over two families. They all share the fact that they have developed lungs which allows them to breathe air in waters with low oxygen levels. These lungs are similar to those found in primitive amphibians.
Lungfishes are predators and will eat anything they can get a hold of and that fits into there mouth. Their diet mainly consists of fish, crayfish, crabs and anything else meaty they might find. Lungfishes accepts most water conditions (although one should avoid to high pH levels) and can live in waters that other fishes couldn't survive in due to their ability to breathe air.