Character Approvers are volunteers, so it depends on their real life schedules. Even so, simple submissions are often approved pretty quickly. The more complexity you add, the longer it may take. If there are rules violations (such as making your character a noble) or inappropriate abilities (such as having the level 1 character single-handedly stop a thousand orcs from pillaging a hamlet), it'll add time as the CAs ask for corrections to be in line with the world and the rules.
After your character is approved, you'll be able to log in and create him/her and get to RPing.