When I say 5 minutes, I'm talking from personal experience of breaking a WEP key on a WEP protected O2 (Thompson) ADSL router. All you need is a Laptop with a Wireless card, a certain Linux Live CD and Google. Granted under 5 mins is someone that has done it before. But 5 mins none the less. Certainly long enough to log is as the Admin user with detail obtained again from google, and change all the settings on the router in question to disrupt someones internet connection.
WPA can be cracked as well, but it takes significantly longer and requires that the key used is a word in a dictionary file. If the Key is a random assortment of upper and lowercase letters numbers and symbols this can be extended to a lifetime.
Both technology's also appear to be quite vulnerable to DOS attacks where you spam disconnect packets at a target device cloning the MAC address of the Wireless access point.
IMO the question of WEP is not whether you fell you may be targeted, but using WEP makes you a target. While it stops your non-technical neighbours stealing your broadband, its an invitation for any beadroom bound teenage geeks to mess with your network.