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Is it actually possible to sell BTC held in a random wallet and withdraw the proceeds as USD? I'm not familiar with the intricacies of the various exchanges, and am wondering if it is truly a convertible currency. (Assume that selling ~500 BTC would not move the market.)

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Yeah, you just register on an exchange, deposit your BTC, trade them into USD and withdraw USD.

I just did this with BTC-E.com today.

How long did it take from the time you deposited the BTC to when you got the USD into your bank account?

Trades at the market price are instant.

Withdrawal to a bank - depends on the method you use (SEPA, wire, etc) and the country you're in. From a few hours to a few days.

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