Here is how to apply it as a bump map. This does not actually displace the surface it only gives the illusion of depth. The default values were used.

To actually display the surface select displacement from the bump map drop down menu. I have not played with displacement much. I am not sure but you make have to increase the mesh density of the initial sphere. Experiment and see what you get. Report back.

Remember to apply the lambert shader to the sphere. I left that step out. I saved the wrong image for step 4b and I am to lazy to reload. All it has is a line pointing to the bump map folder row and says enter the path to the bump map image.

Good luck. I tossed this together very quickly I hope it is useful.

Here is what is produced:



Here are the steps: