I am looking to purchase the Intel DX58SO2 motherboard and in the specs it states "Onboard Video Chipset - none".
What does that mean? Does that mean I actually have to install a graphiocs card for my system to work?
This simply means that motherboard does not have any graphics of its own.So you must install a graphics card to use that motherboard.
Even the cheapest graphics cards are better than on board graphics. Look at this article to decide. The first card listed is Radeon HD 4650 for 50$ which more powerful than any on board graphics.