The propagation of 300 femtosecond optical pulses in Silicon-on Insulator waveguides has been studied by means of a pump-probe set-up. The ultrafast pulses allowed the observation of large Kerr-induced red and blue shifts (9nm and 15nm, respectively) of the probe signal depending on the delay between pump (1554nm) and probe (1683nm) pulses. A numerical model taking into account the Kerr effect, Two Photon Absorption and Free Carrier Absorption is presented and provides good agreement with our experimental data and data in literature. A microring resonator based device is proposed that exploits the observed wavelength shift for sub-picosecond all-optical switching.