We present magnetization measurements on the single molecule magnet Fe8 in the presence of pulsed microwave radiation. A pump-probe technique is used with two microwave pulses with frequencies of 107 GHz and 118 GHz and pulse lengths of several nanoseconds to study the spin dynamics via time-resolved magnetization measurements using a Hall probe magnetometer. We find evidence for short spin-phonon relaxation times of the order of one microsecond. The temperature dependence of the spin-phonon relaxation time in our experiments is in good agreement with previously published theoretical results. We also established the presence of very short energy diffusion times, that act on a timescale of about 70 ns.