on your set up script enter a value into the database:
mktime();
then in your script take that value from the database (lets call it $set_up) and do something like this:
$hours = 48;
$time_diff = mktime() - $set_up;
if($time_diff>($hours*60*60))
{
// then the account was made over 48 hours ago
}
else
{
// then it was made in the last 48 hours
}