TV coverage of the 2011 Kentucky Derby begins seemingly from the conclusion of the last Kentucky Derby, but swimming somewhere in NBC and Versus's wall-to-wall coverage of the pregaming from around horse racing is the actual post time, which is currently set for 5:24 PM CDT. If you're looking to watch some horses do some racing I would suggest tuning into NBC around that time, although it's obviously subject to change.
That said, if you're looking for coverage of the derby in all its forms and permutations, Versus will be running coverage on all facets of the Kentucky Derby until NBC's coverage begins at 3 PM. For a beginner's guide to watching horse racing, check out SB Nation's horse-centric bloggers at And Down The Stretch They Come, who've done the homework for you—or at least prepared the homework for you. A little instruction could go a long way toward making this year's Kentucky Derby positively comprehensible.
Our coverage of the derby begins with an extensive Kentucky Derby 2011 preview, with predictions, odds, and reminiscences from some of St. Louis's year-round horse-racing fans.