To calculate the depth of a well based on the time it takes to hear a splash after dropping a stone, one must consider both the time it takes for the stone to fall and the time for the sound to travel back up. The total time of 3.96 seconds includes both components. The speed of sound varies with atmospheric conditions, so knowing the temperature and pressure in the well is essential for accurate calculations. Additionally, the problem is noted as a homework question, suggesting it may not belong in the current forum. Understanding these factors is crucial for determining the well's depth accurately.