We report direct measurements of hole spin lifetimes in ferromagnetic GaMnAs carried out by time-and polarization-resolved spectroscopy. Below the Curie temperature, ultrafast photoexcitation of GaMnAs with linearly-polarized light is shown to create a non-equilibrium hole spin population via dynamical polarization of the holes through p-d exchange scattering with ferromagneticallyordered Mn spins. The system is then observed to relax in a distinct three-step recovery process: (i) a femtosecond hole-spin relaxation, on the scale of 160-200 fs, (ii) a picosecond hole-energy relaxation, on the scale of 1-2 ps, and (iii) a coherent, damped Mn spin precession with a period of 250 ps. The transient amplitude of the hole-spin relaxation component diminishes with increasing temperature, directly following the ferromagnetic order of GaMnAs, while the hole-energy amplitude shows negligible temperature change. Our results serve to establish the hole spin lifetimes in the ferromagnetic semiconductor GaMnAs, at the same time demonstrating a novel spectroscopic method for studying non-equilibrium hole spins in the presence of magnetic order and spin exchange interaction.