Filing Family based green card for my wife who is on F1 and I have green card

Please clarify: Do you mean you married AFTER the lawful permanent residency application was filed, so that you could not add her on as a derivative beneficiary?

Second, if you are a lawful permanent resident, and you have had that status for one year, and your wife is an F1, then you are looking at a minimum of approximately four more years until you would be able to file for your U.S. Citizenship (naturalization) if you wish to obtain this status. This status, as one of its many privileges/benefits, allows you to be able to file for your spouse as an immediate relative. (You probably aren't in the 3 years til' able to apply for U.S. citizenship... that would raise other issues).

There was an act called the LIFE ACT which involved cases prior to May, 2001, where a relative who entered on a valid visa, could spend the time typically OUTSIDE the US Waiting for their visa number to come up, inside the US, subject to a penalty fee of $1,000. This is a gross oversimplification of that act-- however, if your situation is recent... then, you are looking at the Visa Bulletin: LINK Follows:

ihttp://travel.state.gov/visa/frvi/bulletin/bulletin_4575.html

Category that your spouse is in to wait in a preference category for a visa number is 2A, Family Preference, Spouse of a Lawful Permanent Resident. Mexico has a longer wait by 2 years. The wait time is subject to progress, and retrogression which is different than many other waiting lines. Right now, applicants who have a priority date from 05' (except Mexico) 03' in the 2A category, would be able to process-- so that's approximately a four year wait, which is better than the waits of 5 years plus that have been ongoing. The sooner you file the I-130 and supporting documents, the sooner, you will be able to at least begin to have the place in line. When the Visa Number is Available, or you Naturalize, whichever comes first-- you would have an immediate visa number available or able to be available for your relative-- and at that point, the I-485 or IV Immigrant visa if processing from overseas, is the next set of paperwork and supporting documents. It is important that your wife entered on a valid visa, and for now, important that she remain in school and in status-- should you decide to alter her non-immigrant status as an "F" with duration of status, you should then consult with an immigration attorney, as if only an LPR, or even a USC, there are issues for student visa violators, or unlawful presence, and so on that can be triggered with out of status, or overstay, and if an LPR's spouse compared to USC-- can have different consequences. If she keeps up the schooling, then, you could be looking at 4-5 years having your situation in hand. The cost right now is $355 for the I-130. By the time you are able to apply for the AOS or CP, who knows what the fees/costs will be! It's $1010 for AOS and biometrics for just the I-485 portion-- but again, that's for those with an immediate visa number or other ability to adjust status. So, you can't file a family based green card for her right now, unless the law changes-- you can file for the alien relative petition, and obtain your priority date, and place in line for her to apply for the "green card" in the future when 2a for that date 11/09 for example is being processed.