It takes forever to update it seems like it's been a few hours since I have set up my account but its not doing anything at all. --- Time will tell.
Recently I did some tests on Google analytics to see in what time it updates. I created some goals and funnels. Then I followed the steps for the goals and in no more than an hour it was updated on the goals screen of analytics. I am not sure if this is the case everytime and anywhere in the world, however, I get updated data in about one hour most of the times.
There are good services out there you can use instead of or in conjunction with Google Analytics that will give you real time stats. You can check out our service (heads up, shameless self promotion coming) Spring Metrics, which does real time conversion analytics. So, if you sell something or are trying to get people to sign up for your service, it tracks those conversions in real time. And it plays nicely with GA code. Good luck.