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read the upgrade manual for the 11.2 upgrade. In this manual the possibilities of the upgrade are mentioned. A direct upgrade from 220.127.116.11.1 is not possible, you need to upgrade to 18.104.22.168, then to 10.2.0.4 and then 11.2. Another option is to use export/import.
Read the manual: http://docs.oracle.com/cd/E11882_01/server.112/e23633/preup.htm
Downtime is also dependent on the size of the database, so no estimate can be made.
Herald ten Dam