In your web application web.config file (C:\inetpub\wwwroot\wss\VirtualDirectories\%webappname%) you have two parameters:
executionTimeout - for waiting time (before timeout) (HTTP request timeout)
maxRequestLength - for size of file to upload (HTTP request length)
For maxRequestLength, there is a limit of 2 Gb in SharePoint 2010.
You can set it using the following change:
maxRequestLength="2048000" (value is set in KB)
For executionTimeout, you can specify any value in seconds, e.g.
will probably wait for infinite (999999 seconds) time until timeout (in fact, until ASP.NET closes the connection).
PS Please also note that modifying web.config file is not a good approach instead you have a specific business reason, always make a backup copy of the working file first.
PPS Refer to the following article: httpRuntime Element (ASP.NET Settings Schema)
Each web application by default is set to 50MB upload file size.
You can set max upload size for web application using Central Administration:
Central Administration -> Manage Applications -> Select your web application -> General Setting -> Set Max Upload Size
Therefore note that any upload size below 50 MB is enforced directly through web app settings.
Repeat the steps above (web config modification) for all zones for your web app on all servers which host the web app.
Here is the reference (for MOSS and SharePoint 2010): Issues Uploading Large Files To SharePoint
And the second one (for SharePoint 2013): How to Increase the Maximum Upload Size in SharePoint 2013