Yes you can apply but this does not give her any status or right to remain in the U.S. while it is pending. She should seek other non-immigrant status in the meantime. The length of the wait depends on her country of birth and when you might be eligible to become a U.S. citizen, does she have a legal entry, etc.
More information is needed. You should consult with an experienced immigration attorney who can explain the process so you do not go in the wrong direction.
It's currently taking about 2-3 years for a spouse of a green card holder to get a green card or immigrant visa. Please let me know if you have any additional questions or how I can be of further assistance to you in this matter.
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