How much time till license shows up?
 

Well, I had the owner of the license enter my e-mail under the support, but it still shows me as unlicensed.... any set amount of time until it becomes active?

It can take up to an hour. If it doesn't update your status after an hour contact support at vBulletin.com and they will get it working for you :)

I always question that as when ever I had to change my email address it was always updated instantly.

Just 'edit' your email in your profile here at vb.org, license status should be update within an hour after that.

Please make sure that you use exactly the same mail address here as how it is entered on the support list in the license (case-sensitive!).