May 2008: Applied to PC
June 2008: Interview (They were actually doing interviews at the University of Dayton two days after I sent in my application and I basically invited myself)
June or July 2008: Had a follow up phone interview where I was told I would likely be nominated
September 2008: My recruiter called to tell me there weren't any open slots at the moment and that my application would be placed on hold until there was one
November 2008: I was told that they found a match for me in the Pacific but all the spots filled up before I could be placed
December 2008: I was nominated (finally) for a business program in sub-Saharan Africa departing November 2009
January-April 2009: Getting all the medical, legal, and dental paperwork done. It was a huge pain (mostly because I traveled for work and was never in the same place for more than 3 days). It is a ton of paperwork and it has to be filled out completely and correctly or they won't look at it.
April 2009: Dental clearance
June 2009: Medical Clearance
August 2009: Legal Clearance
Late August 2009: Got a call from the DC Peace Corps office which I think will be a call offering me an invitation. Instead, it is a call to tell me that my November program has been canceled and PC will do its best to reassign me.
September 2009: I receive another nomination to do small business development and HIV/AIDS education in sub-Saharan Africa
November 2009: Receive my invitation in the mail (USPS, not FedEx). I read through all of the materials and call back to accept the nomination.
My application process is a little more drawn out than most. From application to invitation, it was about 18 months. When the say Peace Corps values patience and flexibility they really aren't kidding.