Space Exploration Technologies Corp. (SpaceX) successfully conducted a full launch dress rehearsal and hold down firing of the Falcon 1 Flight 3 vehicle on June 25, 2008 (Marshall Island Time) on Omelek Island, SpaceX's launch site at the Kwajalein Atoll.
This test is the final step before launch of the Falcon 1 rocket. SpaceX has been founded by PayPal founder Elon Musk.

"We are definitely not tied to the clock for this launch, and we are checking and crosschecking every aspect of the vehicle and ground systems to ensure a successful mission," said Elon Musk, CEO and CTO of SpaceX. "Our primary concerns remain the safety and reliability of our vehicle, and the successful delivery of the Defense Department and NASA satellites to orbit."

The Falcon 1 will carry the Trailblazer satellite for the Jumpstart Program of the Department of Defense's Operationally Responsive Space Office (ORS). Additional secondary payloads include an adapter system developed by the government of Malaysia that holds two small NASA satellites.

About SpaceX
SpaceX is developing a family of launch vehicles intended to reduce the cost and increase the reliability of both manned and unmanned space transportation ultimately by a factor of ten. With its Falcon line of launch vehicles, powered by internally developed Merlin engines, SpaceX is able to offer light, medium and heavy lift capabilities to deliver spacecraft into any altitude and inclination, from low-Earth orbit to geosynchronous to planetary missions. SpaceX currently has 14 missions on its manifest plus indefinite delivery/indefinite quantity (IDIQ) contracts with NASA and the US Air Force.
More details on the SpaceX site.