Is there a time limit on mp3 imports?

I have an NFL podcast I record and always use garageband to edit the audio. Never had any prolems until last night.

We recorded a live draft show so the audio is roughly 3 1/2 hours. I can hear everything fine on the mp3, but it won't import into garageband at all.

It actually takes time and appears to be loading it into garageband; however, once the progress bar is complete, it says my mp3 file is "empty."

Any ideas on how to solve? Same thing happens when I try it in Audacity.