True story,
I guess this is as close to a hit and run as I've seen. About twelve years ago, while dealing a house game, 10/20 limit holdem. One of the regular players was late arriving, so he waited for a seat to open. There were a couple of guys ahead of him on the list so he just hung around and waited. After about two hours he finally got his seat. He sat down, won the first pot that he was in, counted his $430 profit and went home. It wasn't the biggest win, by a long shot, but the same bunch of guys still play together at the local casino and they will never forget that one.
Spence, I don't know of any rule like that, even in a house game. I can understand how players would frown on that and I don't know if you would get invited back to that game but, I've never heard of a timeframe being enforced, not even in a house game. Consider the poor guy that "busts" out in his first hand. Players don't complain then, do they?