Introduction
I don't like the use of the word 'characteristic' in the definition used by Wikipedia. A characteristic time scale of a process is the time scale which defines the process, i.e. in thermo-fluid flow for Peclet number $\mathrm{Pe}=vl/\alpha\ll1$, where diffusive forces dominate, the time scale has to be a diffusive one $t_d=l^2/\alpha$. On the other hand if $\mathrm{Pe}\gg1$, where inertial forces dominate, the time scale has to be an inertial one $t_i=l/v$.
The Fourier number is therefor only applicable in the diffusive regime, i.e. for transient conduction problems where $\mathrm{Pe}\ll1$. Then it relates the process time $t_p$ to the characteristic diffusive time scale $t_d$ such that the Fourier number is the dimensionless ratio of time scales:
$$\mathrm{Fo}=\frac{t_p}{t_d}$$
Often the Fourier number is used to separate two different regimes in transient conduction problems:
- short-term (aka penetration theory) - relates to the situation where conduction has just started and heat hasn't penetrated through-out the system yet; this is characterized by the growing of a thermal boundary layer $\delta\left(t\right)=\sqrt{\pi\alpha t_p}$. We speak of penetration theory when the boundary layer has reached approximately half way ($\delta\left(t\right)<L/2$) through the system. This means that it is relevant for $\mathrm{Fo}<\frac{1}{4\pi}\approx0.1$.
- long-term - For $\mathrm{Fo}\gg0.1$, the thermal boundary layer has grown through-out the system.
It is important to separate these regimes because solving the resulting physical problem requires different methods. For short-term conduction, the temperature profiles look similar in time except for a scaling factor (which happens to be the boundary layer), such problem can be solved using similarity solutions. For long-term transient conduction, the temporal temperature rise is uncoupled from the spatial variation and it is possible to solve using separation of variables.
Answer to the question
The process time $t_p$ which is required in the Fourier number to characterize the temperature rise from $40$ to $42$ degrees celsius is the amount of time it took to accomplish the temperature rise, i.e. $480-260=220$ seconds.