The time to approve an account varies quite a bit, sometimes it's almost immediate, sometimes it takes a few days. Weekends and public holidays tend to slow the process.
You will know when your account has been approved, as you will receive an email giving you log-in details etc. You will also receive an email telling you that your domain registration has been processed.
Once your account has been approved and your domain registered you will be able to upload content to it. However, the domain will not resolve for a short period (up to 72 hours), due to the DNS information propagating across the Internet.
Save [color=#CC0000]$50[/color] on DreamHost plans using [color=#CC0000]PRICESLASH[/color] promo code (Click for DreamHost promo code details)