SOLVED - Cron setting for CiviCRM 4.x.x on Drupal 7.x via cPanel Cron admin panel
The cron job you have there looks like a Drupal cron job.  You should look at the scheduled jobs wiki page for full details, but in the case of a Drupal site using wget (since that is the direction you're seeming to go in), try:

*/6 * * * * wget -O - -q -t 1 http://mydomain.com/sites/all/modules/civicrm/bin/cron.php?name=username&amp;pass=password&amp;key=site-key


You'll find the "site-key" in the civicrm.settings.php file, and the "username" and "password" correspond to a Drupal user with Administer CiviCRM permission.

You'll see that I have it going every six minutes rather than every 2 hours: you'll want to set CiviCRM cron to run multiple times per hour; you can set specific scheduled jobs to run less frequently from the management page in CiviCRM.