So, I guess that would be me, then.
Or, at least, I'm faster than BCQ or Sarge today. That's what I get for getting to work at 0630. 
If I recall my officer promotion schedules properly:
Ensign (ENS), 1 year
Lieutenant, Junior Grade (LTJG), 2 years
Lieutenant (LT), 5 years
Lieutenant Commander (LCDR), 5 years
Commander (CDR), 5 years
Captain (CAPT), 5 years
Rear Admiral, Lower-Half (RDML), and above, by appointment only
I believe the Navy used to award top LTJGs an early promotion to LT after only one year in rank, but they would have to serve 6 years as a LT before being eligible to promote to LCDR.
Also, promotions in the Navy are based primarily on the needs of the Navy, specifically the billets that need to be filled. The Navy generally limits the number of promotions to the number of billets they anticipate having to fill in the upcoming year, so strictly-meritorious promotions (like the crew of the starship Enterprise going from ensigns and lieutenants to commanders on the same ship) are rare.
Another note: Officers seeking promotions to ranks of LCDR and above are selected by a board that looks at everything from performance and seniority to fitness test results and how good the officer looks in his or her uniform (being a good representative of the ideals of the naval service, including fitness requirements, is still relevant).
In Gene's Navy, there was more forgiveness for officers who fail to promote, as an officer could stay at his or her rank for an extended period of time until he's eligible for retirement after a 20-year career (that is, barring true cause, like being convicted of a violation of the UCMJ).
In today's more competitive environment, the Navy, I believe, allows an ensign, lieutenant, j.g., or lieutenant one failure to promote at each rank. If the officer fails to promote a second time at the rank, then they are forced to resign at the end of their obligated service. (I have to admit that I'm not as certain about those rules on ENS or LTJG...they may or may not have more leeway, although, hearing it from officer friends, you have to be really screwed up to fail to promote to LTJG, and pretty screwed up to fail to promote to LT.)
Lieutenant Commanders and above are not given that one grace, and are not allowed to continue past the end of their obligated service if they fail to promote even once.
Davy Jones
"Frightened? My dear, you are looking at a man who has laughed in the face of death, sneered at doom, and chuckled at catastrophe! I was petrified."
-- The Wizard of Oz