It'd only take that long because you seem to think you need to do a million exercises per bodypart.
My favorite split (and one i keep returning to) is:
Monday: Chest; Legs; Triceps
Tuesday: Shoulders; Back; Biceps
Wednesday: off
Thursday: Chest; Legs; Triceps
Friday: Shoulders; Back; Biceps
Sat: off
Sun: off.
Doesn't take more than 90 minutes
In contest prep i add cardio pwo..and it still doesn't take '2& 1/2 hours'
-CNS