Lastly... How To install favicon?

I am glad to say am about to launch my site powered over 80% courtesy of wpmudev. I am in the last bits. How do i fix favicon? I want to enable one on my site. I have the favicon in my computer. I dont know which folder to upload to on server, or which script to add. I also want the favicon to show message when user places cursor on it.

Marketpress + Framemarket + Gridmarket

Thank You