The answer to the first question is five.

For how the review works you can see https://meta.stackexchange.com/questions/161390/what-are-the-review-queues-and-how-do-they-work

Edit reviews don't take long, currently their are two pending edits in the queue and only two users with 3k rep must approve it.

[![enter image description here][1]][1]

Other reviews, close votes or flags, can take days because it takes five 3k users to do one review, also their are hundreds of them

[![enter image description here][2]][2]

I am pleased you are keen to edit but you are still <2k rep and review is their to make sure people don't rush edits and make low quality posts, in short, it is working well ;).




  [1]: https://i.sstatic.net/IH4I5.png
  [2]: https://i.sstatic.net/MPGwh.png