How long do I have to wait until I can create my own ring?
It's not a function of time.
Rather, it is a function of performance.
a) join and be accepted to three other webrings
b) have active passing code on your pages
As soon as you have done that, you can create your own. Could be a week. Could be 5 minutes. Just depends on how long that takes you (and the ringmasters of the webrings to which you apply).
Why do you ask?
James S. Huggins
to contact me: http://JSH.us/webringemail
Sorry, Colin, it's not clear what you are asking. If you "have a member" then you must be a ring manager, so it is up to you to approve members yourself.