WMV is accepted by Youtube so you're fine with that. Upload times all depend on your upload speed. The slower it is, the longer it'll take. Can't really change it unless you upgrade to a higher up speed or wait for usage to drop (peak usage is around mid-afternoon into the night). IE: Uploading in the middle of the night or leave it running during the day. You can also try to compress it down to a lower file size.
Here's mine during peak usage (5:54pM EST):

With that I know it'll take around 7-10 hrs to upload a 15-20min 1080p HD video if I don't compress it down to a reasonable amount.