How long would it take me to be sponsored?

What is your current status. Are you in F1 status. If your parents filing 130, you may have problem with your F1 status extension / reentry, check...

You can add your spouse before you are getting your 485 approval. I didn't mentioned about your chargebility country. If India you have long time;...

Is it too late to apply for the 245- I adjustment status?

Check this QA to see whether you have qualifying events.....

My i140 got approved. Can my wife (F1 status) directly apply for i485 along with me or she has to be in H4 before filing ?

She has to be on non-immigrant status to adjust to immigrant status. It can be either H4 or any other non immigrant status such as F1, etc.

I got the I-797B form valid for 1 year does it mean that I get the visa stamping for only 1 year

Very rarely consulate issue visa for more period than I-797. I have seen some H1Bs were stamped for 5 years whereas the approvals are for 3 years,...

Please read the middle large (3-4 paras) text portion of the approval notice. It explains whether your Change of Status approved, or the petition...

I forgot to sign G-325 beneficiary but I-130 and other forms were signed .. is this delay my case or will I face a problem?

You will get Request for Evidence to submit signed G-325.

Can i travel outside the United States with my expired green card and the letter from immigration

I-751 receipt notice (letter) is good enough.

Will I be able to enter into the USA without any issues ? (Nationality: Indian, H1B Visa, 2.5years left on VISA)

I don't expect a ban on Indian. but may be some new regulations with H1B program.

I94 information not updated online

Call Newark deffered inspection between 8-11, they do correct over phone or visit local area CBP office with documents.