It usually takes 2 to 3 years from the day the cross is made to the day it blooms, but it can be longer.
Several iris vendors have information on how to hybridize irises on their websites. I think they are a good source of information especially if you can find one near you or with a similar climate. There is a list a vendors in the top thread of this iris forum.
This is a link for the Australian Iris Society hybridizing information, which shows where to extract the pollen from and where to deposit it.
http://www.irises.org.au/Hybri...
There are also some demonstrations on youtube.
If the cross pollination was successful, a seed pod will form (refer pictures earlier in this thread). The pod needs to be left on the stalk until the seeds have matured (roughly 75 to 80 days). The seed pod will turn brown and crack open. I place an organza jewellery bag over the stalk to catch the seeds. The number of seeds in an iris pod varies but is generally less than 50. Each seed will produce a unique flower and I find I want to grow all of the seeds to see all of the variations of the cross. A lot of space is required.
In Australia, all I need to do to my seeds is let them dry out for a couple of days and then plant them in pots. I think I am the only person in this forum who does this. I will let an expert provide advice from here.