So the time is finally here for the SpaceX capsule titled "Dragon" to dock with the ISS. After several tests yesterday NASA deemed that it was indeed ready to go ahead and start docking procedures. Part of these was matching speed with the ISS and moving it closer so it could be grasped with the robotic arm. They will then dock it to the station. Once the hatch is opened the astronauts on the ISS will take out the experiments and supplies inside and put garbage and experiments back in it.
Here is the live feed from NASA TV:
The exact amount of time that the Dragon will be docked to the ISS at this time is unknown, but it seems as though SpaceX is passing every test that needs to be done. When they are successful and it seems that they will be, they will begin to fulfill its Commercial Orbital Transportation Services (COTS) contract through NASA). The resupply contract for the International Space Station has it making 12 runs, and since it is reusable, they will have the ability to ferry items back and forth, not just trash but experiments.