She can apply I-130, I-485, and I-765 at the same time. I-765(EAD) will be approved within 90 days. If she doesn't get the EAD within the time frame, she is allowed to ask for a temporary EAD at the local immigration office. Once she gets the EAD she can work legally in US even though her OPT expires. It takes a little bit longer to get her temporary green card now because all family-based applications need to be sent to the Chicago office since Dec 2004. Based on the info on www.uscis.gov, it will take a little bit more than a year for the whole process. She is allowed to wait in US while her case is pending.
You will find more info on www.uscis.gov
You will find more info on www.uscis.gov