Is it possible to have a live chess tournament. Maybe a game in 10 swiss tournament playing 6 to 8 games. Play it on the weekend as it would take 2/3 hours to complete.

No its not possible i am afraid. This would be an awseome option to have, and i have heard that they are planning on creating that in the future. Hope its soon :)

That is a shame. I think this format would be a lot of fun and also popular.

Yeah, that would be great. One could have swiss tournaments, but also small round robin tournaments with maybe 6 players. These could be Sit'n Go Tournaments. They start, when enough players have subscribed. After each round there is a break and the games of the next round are announced with a starting time. If white won't do the first move till then, the clock will  be activated automatically.The same should be the case when black is late to his game, but only if white has made a first move. So if both players are absent when it's time to play, white will loose on time.

Yes this is an important feature. I used to play live tournaments online on ICC (Internet Chess Club) and I was dissapointed that it wasn't offered here.