It only takes about 1/2 hour - 1 hour to dry. It doesn't have to be soaking wet, just plyable enough to mould around the image and hold. You can actually take it off the stamp after about 30 min and let it dry on its own - if you need that stamp. Just be very careful because it is still very soft. I just carefully tore the edges to make the right size for my cards. I used the Made From Scratch flower in this one and it gave a beautifully defined flower.
Gallery at Splitcoaststampers
I have another in my gallery done with the leaves stamp from Shades of Nature but the scan is aweful!! It looks way, way better in real life! Honestly I have only used it on about 3 stamps and loved it. I just suggest that you try it on whatever you want because I have little experiance and don't want to stear you wrong. I know that I would love to try it on the Island Blossoms set and the I'm Here set (wouldn't that be a cute baby card - with a little blue hand coming out at you?). I hope this helps.
I forgot how I adhered it to the card but I think I used spray adhesive? Maybe Stickey Strip? I don't remember, sorry.