INS is a closed loop nav system. It is guided by gyros, on upscale units, these are laser ring gyros. You spin up the INS, allow it to stabilize (gyros spinning and stabilized) and give it your starting point. That's why you see at some hardstands a lat/long of that particular hard stand. On the ship, we plugged in a cable that was hooked up to the ship's INS (SINS) that told our INS where it was. It then uses the percieved motion to navigate. Older units strictly work with Lat/Long, newer ones input that into the FMC/FMC and are synced with the nav database.
When we had alert launches, we often had the engines turning and everything ready to go (<5 minutes) but had to wait a few for the INS to stabilize. If it dumped in flight, you had to initialize with a GPS fix, a TACAN fix (VOR + DME from known point) or a RADAR fix (radar fix on known landmark, ie point of an island).
It's slick, it's expensive, and it's fairly transparent once you set it up.
Chunk