It depends on where you are located, the processing time is on the BCIS' (formerly known as INS). It may take 6-12 months. But, if you live in an area where very few immigrants reside, the processing time may be very short.
Answer to your second question:
Green card holder including conditional can not sponsor immigrant petitions for his/her parents, only US citizen can.
For more questions, please visit my website at runanzhang.com or call my office at (202) 965-4348.
Runan Zhang
Attorney at law