Using 40 ns laser pulses, we probe the real-time dynamics of ultracold
ionizing collisions in metastable xenon. We time resolve both shieldi
ng and enhancement effects, and observe the production of Xe-2(+) mole
cular ions through associative ionization. We estimate the rate of mol
ecule formation in excited-state collisions, and directly measure the
role of both flux enhancement and excited state survival in the collis
ional enhancement process. Conceptually simple theoretical models are
used to predict the dynamics of the collisional shielding.