Is there a way to get instant emails or notification from Stack Overflow?
3 hours is too late to receive emails.
Why is the instant emails not yet implemented?
The most likely explanation is simply one of sysadmin considerations. The way things go on Stack Overflow for a post of average popularity is that it gathers 20 comments and 4 answers within an hour, then interest drops down to a trickle. If all of those enable instant notifications, that's several hundreds of emails to be sent. If the notifications are saved up for 3 hours, that's 20 max.
Sending out 10 to 20 times as many emails as they are doing now requires a specialized infrastructure that takes blacklisting, abusive spam reporting etc. more fundamentally into account, not to mention it requires extra servers to process all the mail queues, bounces, relaying etc. I wouldn't be surprised if Jon Skeet's email provider automatically blocked his mailbox if he started getting at least 1 email per minute for all the topics he's ever been active in, and send an automatic blacklist recommendation to DNSBLs on the SO mailservers.
Saving notifications up for a relatively short period saves an awful lot of server resources, and immensely reduces the chance of blacklisting problems.
If you're in a hurry for an answer, just keep the site open. The notifications bar in the top left automatically updates when there's something going on.