The Falcon 9 was successfully launched.
There is an alternative feed of the live video here (still holding for 1 hour and 11 55 minutes.)
The 50+ minute hold is due to range conditions.
The Falcon-9 is a two-stage rocket that is about 180 feet tall. The first stage consists of nine Merlin 1-C engines, the second stage has a single Merlin engine. This Falcon-9 launch plans to place into orbit a six-ton capsule known as Dragon.
The Spacex Dragon is a free-flying, reusable spacecraft being developed by SpaceX under NASA’s Commercial Orbital Transportation Services (COTS) program.
Here is the link to the Spacex webcast for its launch window for the Falcon 9. If all goes the Falcon9 should launch in the next 1-5 hours. There is a second launch window for this afternoon.