Hi Timbu,
First of all, I would advise using a free download manager to do this. It makes a HUGE difference. When I did TS2009 without one it took 2 DAYS to download. When I did TS2010 with a free download manager it took 4 hours.
It could be an overnight process or a two hour process, depends on the computer. As for the patches, they are not required, I do perfectly fine without them, but if you want to, same story as above, overnight or two hours.
Hope I could help,
SETXR