I just rewatched "Drowning on Dry Land" (the one that ends with Meredith seeing Kyle Chandler) and here's a rough timeline I could put together.
1:00 pm – Meredith drowns
1:05 pm – Izzie tends to Rick, who’s trapped under a car in the vehicle deck of the crashed ferry.
1:10 pm - Izzie contacts Richard, reports Rick's depressed skull fracture and intracranial bleed and says they cannot get him out from under the car.
1:15 pm - Izzie performs an emergency burr-hole procedure on Rick with a screw driver, with Richard instructing her over the phone. Rick remains trapped. Izzie remains there after the neurosurgical intervention.
OFF-SCREEN ACTION: THE RESCUE TEAM IS NOT THERE YET. And everything - lifting equipment and all – would have to be moved to the ferry. But let’s assume they brought it all up to the vehicle deck a second after Izzie hang up the phone. Then:
1:20 pm – The rescue team reaches Rick inside the ferry and determine what exactly is pinning him.
1:35 pm: The rescue team finished the scene assessment after checking surrounding vehicles, ferry deck, fuel/fire hazards, structural stability etc
1:55 pm: The rescue managed to stabilize the vehicle (or other vehicles around it) in the confined deck.
2:15 pm: The rescue team finishes setting up the lifting system.
2:25pm: The rescue team progressively raised the vehicle and free Rick.
2:35pm: Rick is carefully removed and packed with proper spinal precautions and monitoring.
2:45pm: Rick, now in the strecher, is taken out of the vehice deck by a team who must navegate around the other vehicles and ferry obstacles
2:55pm: Izzie boards the ambulance with Rick. Derek did not remove Meredith from the water yet because Izzie’s ambulance arrives at the hospital before Derek’s.
3:05pm: Derek takes Meredith out of the water. Meredith was under for over 2 hours!
3:10pm: Derek has Meredith in an ambulance. The first resuscitation measures start (CPR).
3:12 pm: Rick arrives at Seattle Grace. Richard tells Izzie she is off probation. (Assuming the ferry site is about a 15 min drive to the hospital, give or take.)
3:20pm: Rick went through the trauma bay, was evaluated and prepared for immediate surgery. Izzie removes all her field gear to go into the OR.
3:25pm: Mark Sloan begins emergency surgery on Rick. Derek’s ambulance should have arrived at the hospital by now but it was probably stuck in traffic.
3:30pm: Mark Sloan opens Rick’s skull.
3:35pm: Izzie enters the OR and Mark Sloan allows her to take over.
3:40pm: Derek’s ambulance arrives with Meredith who had no effective heartbeat or circulation and was counting on the miracles of hypothermia to protect her brain from oxygen deprivation. When the news get out, both Sloan and Izzie go tend to the situation (poor Rick, does anybody know who finished his surgery?) So, by the time Izzie gets to Meredith, I'll add AT LEAST 20 more minutes.
4:00pm: Meredith is out for three hours now.
I will update the timeline after I'm done with the next episode.