We demonstrate sub-millisecond tuning of a prototype parametric tunable dispersion compensator (P-TDC) based on cascaded polarization-diverse four-wave mixing (FWM) process with a fast tunable and highly wavelength-stable pump light source. The pump light source is developed using a tunable distributed amplification chirped sampled grating distributed reflector laser that is fully wavelength tunable by on-chip heaters with a 3-dB frequency response of 45 kHz, resulting in fast dispersion tuning of less than 50 μs without additional timing jitter. The P-TDC is developed as the first prototype to satisfy essential requirements for practical network uses: stable input-polarization diversity, input-wavelength preservation, and seamless dispersion tunability for entire C-band input wavelengths are simultaneously achieved.