I had a hand in moving your post to the fantasy section (actually, I recommended that a response to your post be moved here).
Why? a 2:20 marathon is roughly equivalent to a 30:00 10K (4:50 pace). A 2:20 marathon would have you breaking the women's world record and earn you an invitation to the US men's olympic trials. Most 2:20 marathoners run upwards of 80 miles a week and include 3 speed sessions; they do 800 repeats at 2:20 or faster, and they do LOTS of them.
So, if your mile PR is faster than 4:20, 5K PR is 14:00 or faster and/or your 10K PR is faster than 30:00, or your half-marathon is around 1:05, and you can handle the HUGE miles, go for it! However, at that level of competition, you'd need far more help than you could get from a bunch of recreational runners.
For example, I've never even done ONE mile at a pace that would give me a 2:20 marathon! (5:20 mile = 2:20 marathon; my mile pr is 5:30!)
You might try looking at the Runner's World competitive runner's web-site, or perhaps you might try to contact the chap who complained about the San Diego marathon not offering prize money.
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