There is no content on my site yet and I applied for an adsense account yesterday. Will this ruin everything since my site isn't even up yet, or does it not matter? Thanks Also how long will the application take because of this.
I would setup a sample site and publish some content as fast as possible. Otherwise when the Google guys come to see the site, they will not accept you in AdSense.
you can upload few good content and get your account approved first than do what ever you want , if you don't have content for posting than go to content section and buy some content and publish it as fast as you can .