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The Subspace Emissary's Worlds Conquest is a fanfic loosely based on Super Smash Bros. Brawl, and it's over 3,500,000 words long. That's longer than In Search of Lost Time, a seven-volume and 1,267,069 word long novel that's considered by some to be the longest ever published.
I don't know how I should feel about this.
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There's your key-word. Anyone can write something absurdly long, but whether it gets accepted is another story. For all we know, someone could have written an even longer work that was lost in the mists of time.
Reminds me of this thing, supposedly over 15 thousand pages long (although some of that was illustrations), and I don't think it was ever formally published, at least not during the author's lifetime. Someone did use it as material for a documentary, though.
Also, the Mahabharata is apparently about 1.8 million words, but I'm guessing it doesn't count as a novel.
On that note, did'ya known what used to be the lenghtiest Wikipedia plot summary? Was it the Illiad? War and Peace? Romance of the Three Kingdoms? Universal Soldier?
The Disney channel classic Alley Cats Strike, duh!
Cracked.com once had an article on most inane, pointless, irrelevant Wikipedia articles that are longer than great classics of literature. I can't be bothered to find the link at the moment, but it included such gems as "List of Jedi that don't appear in any of the films".