Legot:
TCCR1B = PRESCALE; //(1<<ICES1) | (0<<CS12) | (1<<CS11) | (1<<CS10); // (ICES1) = capture rising edge on pin ICP1(a.k.a Pin 8), set prescaler to 64 for 16Mhz = 0X43
TCCR1B is the Timer/Counter1 Control Register B.
0x40 = ICES1 = Input Capture Edge Select = RISING
0x03 = Divide clock by 64
Other choices for clock divider are:
0x01 = No divider
0x02 = Divide by 8
0c04 = Divide by 256
0x05 = Divide by 1024