The queue is approximately 6 months. I know a few who sent their application in August/September 2009 and last month they got invited to the first phase of the selection process.
The first phase is a sim test. If you passed it, you'd be invited to the interview. If they show you green light in the interview, the next phase is going to be the psychological test.
If you apply before having all the needed licences and documents, they will reject the application immediately. This is how it works.