Ovulation
During ovulation, a mature egg is released from one ovary. Under normal circumstances, a woman will ovulate once per cycle, about 12 to 16 days BEFORE her NEXT menstruation (average 14 days before). This means that with a 28-day cycle, she will ovulate around day 14 or 15, with a 21-day cycle, she will ovulate around day 7, and with a 35-day cycle, she will ovulate around day 21.
Here is a video of the egg being released
Every cycle alternates between your two ovaries. One cycle left, next cycle right, next cycle left, and so on.
Ovulation lasts about 15 minutes. The egg that is released has been preparing for around 3 months to be released. After the egg is released, it will stay alive for between 12 and 24 hours while drifting down the fallopian tube. If it does not get fertilized by a sperm, it will just die and be absorbed into the body again.