Download it saving it to a convenient folder.
When you run it for the first time, it will not find an initialization file.  It will write one in the same folder.
You can open the fcini.txt file with notepad and alter any of the parameters.
Running fcolony.exe again will start the simulation with the parameters in the ini file.
I will describe what you see with the default values for the ini file

Run it and press enter after it is complete reading the ini file
Press enter again to pass through the plea for donations
You will now see the parameter page
Press enter again to see a sample of the arbitrarily assigned active RNA sequences
Now press the number 1 key to begin the simulation
You see the first 44 random RNA sequences.
The 00x prefix means this sequence contains 0 advantageous RNA sequences and 0 disadvantageous sequences and no replication sequence  r means it contains at least one RNA sequence which endows the ability to replicate itself.
The numbers at the end are a serial number.  the first three digits denote its parent 000 denotes it is an original sequence.  The last three are unique per 1000.  It is these last three which become the first three for any daughters this sequence may produce.
Press the zero key to see a representation of all organisms. O are sequences which contain an RNA sequence which endows replication. X denotes no replication sequence is contained.  Green denote at least one advantageous sequence is contained while blue denotes at least one disadvantageous sequence is contained.

across the top you will find the generation, the number or sequences which are endowed with replication, the number of sequences which contain advantageous sequences, the number of sequence which contain disadvantageous sequences, the average number of nucleotides making up the sequences in that order.

Press enter to cause the simulation to proceed at full speed.  Press space bar to step through the simulation one generation at a time.  Press any numbered key to see the details of the genome.  And press zero key to see the whole community.

Watch as the red replicators slowly begin to take over, consuming all available nutrients.  If everything is white, mutations have killed the seed replicators.  You can either press x to exit the sim and start again or let it run and see if random mutations create a new replicator.

Notice how the average length of organisms remains at 15 nucleotides before replicators have taken over.  After the replicators dominate all nutrients, the average length will slowly begin to grow.

Also

You will demonstrate considerable ability if you can find the mechanism for this lengthening of genome due simply to replication.

Continue to watch as a few dark green replicators appear by random mutation.  Then brighter green indicates a second advantageous mutation.  Darker green contrast color indicates yet a third advantageous mutation sweeping the board.

Notice how the number of disadvantageous mutations is suppressed to nearly zero.

Notice how long the average genome length is now!