If you are given a timing chip -- a little round plastic thing that looks kind of like those spider adapters that we used to put on 45 records so they would fit on phonograph spindles (you have no idea what I'm talking about, do you?) -- put it on your shoe. Nowhere else. Otherwise, your finishing time may not be recorded, and as far as posterity is concerned, you will not have run the race at all. I always put mine on my left shoe, but I don't think that it matters which one you use. If you are given little plastic fasteners with which to put it on, wrap them around your shoelace in some place where it will not get in the way of the natural bend of your foot (the base of the upper is a good place). If you were not given fasteners, then simply undo your shoelace on one side at the top eyelet and slip it through the holes on either side of the chip. That'll hold it, & will ensure that you can see your time posted for posterity on the Internet.
Oh, and make sure to remove your chip & deposit it in one of the collection buckets at the finishing area. The timing company will charge you a replacement fee (usually $30) if it is not returned.