Roughly 3 hours, 12 hours and 10.
(These times are for an Iron-man tri.)
The Olympic distance is 1.5km swim, 40km bike and 10km run.
Olympic record is 1:48:24 with splits of 17:56, 58:54 and 30:53 respectively.
30 minutes swim, 1 hour 30 minutes bike, 1 hour run are probably average, giving a total time of around 3 hours.
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"40-45 minutes approx. (this is just a guess because my friend was in good shape and ran a 1:14.65" This sounds more like a sprint. For an Olympic triathlon, sub 3 hours is a really good time. ~2 hours is professional athlete level.
Ignore the original posting on this topic. Many Olympic Distance Tri's are won by individuals who are "just north of 2:00 hrs." The world record is 1:48 for men and 1:58 for women I believe. It depends on what you mean by "good time."
Professional athletes can sometimes do it in just under 2 hours. Most people can do it in around 2h 15m to 3 hours or so.