Truthfully, if we could find the political will and the funding, we could probably establish a workable colony on Luna or Mars within five years, ten at the outside. The problem has been examined for decades by official agencies and gifted amateurs alike, and we have a fairly good understanding of what it would take. It would take at least a few years to become self-sufficent after being founded, but that is well within the realm of possiblity too.
However, this would also be a blantant case of No Plans No Prototype No Backup. There would inevitably be problems in the execution, and if it outright failed, it would probably do so in a spectacular fashion.