The paper discusses measurements of vibration-to-vibration (V-V) energy transfer rates for CO-CO using time-resolved step-scan Fourier transform infrared spectroscopy of optically pumped carbon monoxide. In the experiments, time evolution of all vibrational states of carbon monoxide excited by a CO laser and populated by V-V processes (up to v-40) is monitored simultaneously for the first time. The V-V rates are inferred from these data using a kinetic model that incorporates spatial power distribution of the focused laser beam, transport processes, and multi-quantum V-V processes. Although the model predictions agree well with the timedependent step-scan relaxation data, there is variance between the model predictions and the uppumping data, however. Comparison of calculations using two different sets of V-V rates with experimental spectra showed that the use of the semi-empirical V-V rates of DeLeon and Rich provides better agreement with experiment. It is also shown that the multi-quantum V-V rates among high vibrational quantum numbers, calculated by Cacciatore and Billing, are substantially overpredicted. The results provide some new insight into nonequilibrium vibrational kinetics, ' and also demonstrate the capabilities of the step-scan Fourier transform spectroscopy for timeresolved studies of molecular energy transfer processes and validation of theoretical rate models.