Create a 16x16 favicon.ico and upload if to your home dir. That should be enough to get it to display. But you could also add the following to the head of your pages
As long as the location in the <link rel= tag points to the image location it should work.
But if you save it as favicon.ico you might not need the tag in the head.
You could also use a gif, jpg, bmp file. As long as it's linked to in the header.
If you use a gif you can have an animated favicon. Like i have on the kbox blog.
It's animated in the firefox address bar, in my favorites list as on my live bookmarks.
This may not work on all OS with all browsers.
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Or, if you didn't mean how long to download the image and render it, the changes should take place immediately after you add the picture and link to it in you meta head section. You might need to clear your browser cache, though.