The Orb done a single back in the 90s called The Blue Room. The song lasted 44 minutes or so. If it went to 45 minutes, I think it wouldn't have classed as a single.
At the moment, to qualify for the charts a single must be 40 minutes or less if it's all versions/mixes of the same song, or 20 minutes or less with up to three different songs. Of course, there's nothing to stop record companies putting out whatever they like at a single price, but anything over the limit won't qualify for the charts.
Just to clarify further, the 3 track, 20 minute limit applies to all formats except the 2-track CD, which is limited to 10 minutes (and two tracks, obviously).
If they include a multimedia element, the only extra specifications to qualify for a single are that the content must relate directly to the artist, and must be unavailable elsewhere prior to release.