A few suggestions.
You're probably going to run aggregate queries on this stuff, so after (or while) you load the data into your tables, you should pre-aggregate the data, for instance pre-compute totals by hour, or by user, or by week, whatever, you get the idea, and store that in cache tables that you use for your reporting graphs. If you can shrink your dataset by an order of magnitude, then, good for you !
This means I will be grabbing some data at an interval using timestamps.
So this means you only use data from the last X days ?
Deleting old data from tables can be horribly slow if you got a few tens of millions of rows to delete, partitioning is great for that (just drop that old partition). It also groups all records from the same time period close together on disk so it's a lot more cache-efficient.
Now if you use MySQL, I strongly suggest using MyISAM tables. You don't get crash-proofness or transactions and locking is dumb, but the size of the table is much smaller than InnoDB, which means it can fit in RAM, which means much quicker access.
Since big aggregates can involve lots of rather sequential disk IO, a fast IO system like RAID10 (or SSD) is a plus.
Is there anyway to optimize the table or query so you can perform these queries
in a reasonable amount of time?
That depends on the table and the queries ; can't give any advice without knowing more.
If you need complicated reporting queries with big aggregates and joins, remember that MySQL does not support any fancy JOINs, or hash-aggregates, or anything else useful really, basically the only thing it can do is nested-loop indexscan which is good on a cached table, and absolutely atrocious on other cases if some random access is involved.
I suggest you test with Postgres. For big aggregates the smarter optimizer does work well.
Example :
CREATE TABLE t (id INTEGER PRIMARY KEY AUTO_INCREMENT, category INT NOT NULL, counter INT NOT NULL) ENGINE=MyISAM;
INSERT INTO t (category, counter) SELECT n%10, n&255 FROM serie;
(serie contains 16M lines with n = 1 .. 16000000)
MySQL Postgres
58 s 100s INSERT
75s 51s CREATE INDEX on (category,id) (useless)
9.3s 5s SELECT category, sum(counter) FROM t GROUP BY category;
1.7s 0.5s SELECT category, sum(counter) FROM t WHERE id>15000000 GROUP BY category;
On a simple query like this pg is about 2-3x faster (the difference would be much larger if complex joins were involved).