I bought some solo ads trying to drive traffic (this is my first time out) to get opt-ins for building an e-mail list. Bought the ads off a guy from Reed Floren's directory after reading another post. Site looked kind sketchy, but so do all of them and I was hesitant. Pulled the trigger anyways cause I am ready to get something going, but haven't seen any increase in traffic.

Whats the deal? Did I get ripped off or am I just an impatient noob?

What's the usual timeframe on these types of transactions?

i suggest you contact them. On contrary, do you have a tracking system in place? you could have given a link of tracker and then you could have better control on how many clicks you got by buying a service. all your clicks are worthless unless you know from where it is coming and their nature.
tracker like prosper is free and can help you in such campaigns in many ways