That all depends, my nursing program made us pay our licensing fee early, like as in upon graduation, it was a part of the tuition we paid into our program, so they took care of it. If that's the case, you take the boards, and keep checking the boards website and you should know if you passed before your snail mail "you passed" comes. I found my license a week before it arrived in snail mail online.
However, if your program didn't pay for your initial licensing, then that's a totally different matter, you'll just simply have to wait for the snail mail version to come, pay your fee and they'll issue your license.
As for the boards, I walked out at 85 questions "knowing" i'd failed. I had to of guessed on over 1/2 of the questions. And I think you'll find that most people do leave their boards feeling like they didn't do all that well, but in fact passed nonetheless. One of my nursing school instructors told me that it's better that it shuts off early, than drag it on, because if your hitting 100, 120, 140, 170 questions, your borderline and the system is trying to figure out if you really know your stuff or not. Either you totally bombed it and the system can figure you don't know anything, or you passed with flying colors. Now even if you don't pass that doesn't mean you don't know what your doing. You may have just gotten a set of questions that were more difficult for you, and a second round will get you passed as your test won't be the same. I had a couple of 3.5 gpa's and above that had to take the boards a second time and passed the second time.
I guess what i'm really saying is, if you pass, great! If you don't pass, don't let that discourage you. If you feel weaker on pharm, make that a point to go back over meds and get more familiar with them for the second round, if that is in fact what ends up happening. Just because you don't pass it the first time doesn't mean you aren't a good nurse. It just means that the questions you were asked on the boards you didn't answer correctly.