Don't know why, but I've always sanitized mine with StarSan. I have to sanitize the primary bucket anyway, so I just drop the IC in there and squirt it all over with my turkey baster. If you boil it, I would think no more than 5 minutes would be required. Essentially boiling temps should kill yeast/bacteria instantly, but 5 minutes will make absolutley sure.
What I do to speed the chilling process is drop the kettle into a sink half full of cold water. My IC chiller out line goes down the other side of the drain at first sine its really hot. As that starts to cool off and the water in the sink starts to heat up, I move the outlet to the sink/kettle side (extra water overflows to the other side of the sink). When I'm 15 - 20F from my pitch target and the IC starts to lose effectiveness, I dump in a bunch of ice to the water surrounding the kettle. Also keep the IC moving up and down the whole time, that will speed the process. Don't worry about hot side aeration, seems to be a myth!