We present pump-probe measurements on the single-molecule magnet Fe_8 with microwave pulses having a length of several nanoseconds. The microwave radiation in the experiments is located in the frequency range between 104 GHz and 118 GHz. The dynamics of the magnetization of the single Fe_8 crystal is measured using micrometer-sized Hall sensors. This technique allows us to determine the level lifetimes of excited spin states, that are found to be in good agreement with theoretical calculations. The theory, to which we compare our experimental results, is based on a general spin-phonon coupling formalism, which involves spin transitions between nearest and next-nearest energy levels. We show that good agreement between theory and experiments is only obtained when using both the Delta m_S = +-1 transition as well as Delta m_S = +-2, where Delta m_S designates a change in the spin quantum number m_S. Temperature dependent studies of the level lifetimes of several spin states allow us finally to determine experimentally the spin-phonon coupling constants.