Red headline time. From Yonhap:

North Korea launches rocket - S.Korea's YTN Television

U.S official confirms North Korea has launched rocket

Rocket launch took place at 7:39 local time - South Korea Defense Ministry,

Japan likely in full mobilization mode right about now. Or not: this just in:

ABC's Martha Raddatz reports the North Korean rocket launch has FAILED.

Rocket was inflight for about a minute before it failed

Somebody is about to have their daily 5 gram portion of food cut in half as the local rocket no fly long time.

And scene:

Japanese Defense Minister says NKorean rocket appears to have fallen into ocean

Japan Def. Min. Tanaka: DPRK rocket appears to have exploded one minute after launch.

Yonhap: ROK residents near DMZ were alerted to seek shelter from possible DPRK rocket debris.

South Korean army says rocket debris crashed between 190km and 210 km off Kunsan, a city on West South Korea

Now how long before North Korea blames South Korea for shooting down the rocket? In the meantime South Korea is not waiting. From Yonhap.

South Korea on Friday called for the United Nations Security Council to respond to North Korea's defiant long-range rocket launch, even though the launch appears to have failed

In other news, North Korea is redefining "minuteman" since 7:39 local time

This is was the projected path.

For those with Google Earth apps, here is the KMZ file showing the path in its full glory.