I did a try on a pc with a 3Ghz (single core) and 1 GB RAM with WinXP and an antivirus.
First attempt: 4 minutes (time from building start to restarting Lazarus; Opera browser on). Average CPU load 20%.
Second attempt: 2 minutes (opera browser closed, but still showing in the task manager, eating 400+ MB ram). Average CPU load 20%.
Third attempt: 1 minute (after opera disappearing from task manager). CPU load not registered.
Fourth attempt: 30-40 second. I have no idea why it got faster. CPU loaded about 100%.
Definitely much less than 15 minutes. I have no idea if the compiler would use a second core, so maybe 1 core*3GHz is more than 2 cores*2,6 GHz. Unloaded CPU with the browser on makes me think, that the low memory is the problem.
I think you could try a WinXP.
For Win8 you should wait. General rule is that after a new version is released, you takes some 2 years at least, until it gets usable or it becomes clear if the time will come for it (the time for Win2000 and Vista never came, for example).