Thank you for the comments. Lefty, Any recommendation on the size of the current limiting resistor to put in series with the LED?
I will make changes to the sketch tonight and see if it changes the speed of the blink of the on board LED.
I thought that was the LED that the sketch controlled, but after thinking about it, I realized that PIN13 is one of the digital output pins and it could possibly be controlling an external LED I didn't have in place. Glad to know I was right on both accounts. Also glad to know I need a limiting resistor as well. I was going to buy an LED today to test it and I would not have thought to pickup a small resistor as well.
My ultimate plan is to build a race timer for a Lego Mindstorm race we are going to be having in January. Any recommendations on a segment board that will easily integrate with the arduino's output? I have some basic knowledge of electronics from college 20 years ago when I was pursuing a EEE degree. I haven't used it much, so I have alot to relearn. Now I write C++/C# code for a living. So, once I learn a little more about the possibilities of this kewl toy, I hope to create some useful toys! 
Thanks again in advance,
Nick