Um well as far as I know,it should
render faster when you export as lossless.Only takes me about 20-40 mins for a 3 minute project.Used to be an hour plus
when I rendered in wmv.....
And yeah you shouldn't be able to play that file you just rendered.You gotta compress it first.Read this.
Once you finished compressing using Zarxgui,you should get a nice mp4 file that plays back in awesome quality