Here we present a new undergraduate laboratory that will introduce the concepts of time-resolved spectroscopy and provide insight into the natural time scales on which chemical dynamics occur through direct measurement. A quantitative treatment of the acquired data will provide a deeper understanding of the role of quantum mechanics and various phenomenological expressions in predicting kinetic rates for fluorescence, phosphorescence, and nonradiative decay mechanisms. This laboratory framework focuses specifically on spectroscopy in the nanosecond regime--assisted by various steady-state spectroscopic techniques--in order to fully characterize the electronic structure and the picosecond-to-microsecond dynamics of the dye eosin B. There is great flexibility in both the recommended lab duration (1 week to several months) and course level (upper-division to graduate) due to the numerous additional experiments that may be performed at varying levels of difficulty. The necessary components include pump and probe light sources, photodiode detectors, a programmable signal delay generator, and an oscilloscope for measurements with requisite resolution. The cost of building this experiment from scratch is less than $20,000 at the time of publication, but costs are expected to decrease over time and alternate excitation sources are available. Although this lab requires some expertise with optical spectroscopy to initially build and troubleshoot, use by students has been a straightforward and valuable experience.