Of what are popularly known as "germs", the species Escherichia coli (E.coli) is one of the fastest at reproducing. Some strains of the bacteria, such as the infamous 0157, divide every twenty minutes or so.
Your second question is not easy to answer for a number of reasons.
Firstly, most bacteria, being invisible to the naked eye, will not seem to reproduce much if you watch them for hours. Yet, if you look at a certain bacterial colonies on a petri-dishes under a correctly set-up microscope, you may well see binary fission (division) taking place over a minimum time period of around twenty minutes. This time period is known as the generation time or doubling time
Secondly, some bacteria, such as certain Beggiatoa species, are amongst the "big boys" of the bacterial world insofar as although the individual bacteria are invisible to the naked eye, colonies of bacteria are visible as a film in their living environment as the bacteria resemble filaments. The only problem here is that Beggiatoa species are not the fastest reproducing bacteria and the majority live in unusual environments such as polluted water, sewage and even volcanoes.
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