Ok cheep software Milkshape Have not used it in shuch a long time I dont have the link anymore. Last time I looked it was 20$. And the last I heard there Is a mod plugin for it.
More costly is studio max 4000$ max 6 is the newest release have lots and lots of memory for it, the more you got the more it likes here the link to it
http://www.discreet.com/index-nf.htmlNext is lightwave dont really know anything about it other than it very simular to max But cheaper.
For texture makeing you will need a program that can do layers Photo shop or the cheaper Paint shop pro is what most use here.
As to the number of hours to make a model, it all depends on what you are trying to make and how detailed you want to make it
What do you mean by Quality Model? see above for most of the answer pluse, It really all depends on how much time you are willing to put into learning the program, and how quick you are in picking up on things.
Me Im kinda slow, the 3d part I got the hang of fairly quickly, the textureing part is another story, I just dont have the time to really get down and learn it so im stumbleing along as best I can.
Hope this info helps