Compressed graphs representation has become an attractive research topic because of its applications to the manipulation of huge Web graphs in main memory. By far the best current result is the technique by Boldi and Vigna, which takes advantage of several particular properties of Web graphs. In this paper we show that the same properties can be exploited with a different and elegant technique, built on Re-Pair compression, which achieves about the same space but much faster navigation of the graph. Moreover, the technique has the potential of adapting well to secondary memory. In addition, we introduce an approximate Re-Pair version that works efficiently with limited main memory.