Also, you may need to establish a PayPal account, which will take you several days to set it up since it requires to link to your bank account. quote]
The time left on my item is only 19 hours and so far I am winning. What will happen if I win and I don't have a pay pal account set up?
If your seller will accept other forms of payment, ie check or money order, you can pay that way. It will delay your receipt of the item because the seller will wait for payment to clear, plus you have to wait for the instrument to get to the seller so they can cash it. You won't really have any recourse if you pay through either of these methods.
Otherwise, if seller only accepts paypal, seller will become upset with you for not reading the terms of the auction and being unable to pay. I would work on getting your paypal account set up ASAP, as it is pretty much essential to have one if you want to transact on eBay.
BTW, you do get 7 days per eBay rules to pay, so even if you are still the process of setting up Paypal, you may still be ok. I would still get on it ASAP, though.