I want to know the time to brute force for when the password is a dictionary word and also when it is not a dictionary word.
Dictionary password
Ballpark figure: there are about 1,000,000 English words, and if a hacker can compute about 10,000 SHA-512 hashes a second (update: see comment by CodesInChaos, this estimate is very low), 1,000,000 / 10,000 = 100 seconds. So it would take just over a minute to crack a single-word dictionary password for a single user. If the user concatenates two dictionary words, you're in the area of a few days, but still very possible if the attacker is cares enough. More than that and it starts getting tough.
Random password
If the password is a truly random sequence of alpha-numeric characters, upper and lower case, then the number of possible passwords of length N is 60^N (there are 60 possible characters). We'll do the calculation the other direction this time; we'll ask: What length of password could we crack given a specific length of time? Just use this formula:
N = Log60(t * 10,000)
where t is the time spent calculating hashes in seconds (again assuming 10,000 hashes a second).
1 minute: 3.2
5 minute: 3.6
30 minutes: 4.1
2 hours: 4.4
3 days: 5.2
So given a 3 days we'd be able to crack the password if it's 5 characters long.
This is all very ball-park, but you get the idea. Update: see comment below, it's actually possible to crack much longer passwords than this.
What's going on here?
Let's clear up some misconceptions:
The salt doesn't make it slower to calculate hashes, it just means they have to crack each user's password individually, and pre-computed hash tables (buzz-word: rainbow tables) are made completely useless. If you don't have a precomputed hash-table, and you're only cracking one password hash, salting doesn't make any difference.
SHA-512 isn't designed to be hard to brute-force. Better hashing algorithms like BCrypt, PBKDF2 or SCrypt can be configured to take much longer to compute, and an average computer might only be able to compute 10-20 hashes a second. Read This excellent answer about password hashing if you haven't already.
update: As written in the comment by CodesInChaos, even high entropy passwords (around 10 characters) could be bruteforced if using the right hardware to calculate SHA-512 hashes.
Notes on accepted answer:
The accepted answer as of September 2014 is incorrect and dangerously wrong:
In your case, breaking the hash algorithm is equivalent to finding a collision in the hash algorithm. That means you don't need to find the password itself (which would be a preimage attack)... Finding a collision using a birthday attack takes O(2^n/2) time, where n is the output length of the hash function in bits.
The birthday attack is completely irrelevant to cracking a given hash. And this is in fact a perfect example of a preimage attack. That formula and the next couple of paragraphs result in dangerously high and completely meaningless values for an attack time. As demonstrated above it's perfectly possible to crack salted dictionary passwords in minutes.
The low entropy of typical passwords makes it possible that there is a relatively high chance of one of your users using a password from a relatively small database of common passwords...
That's why generally hashing and salting alone is not enough, you need to install other safety mechanisms as well. You should use an artificially slowed down entropy-enducing method such as PBKDF2 described in PKCS#5...
Yes, please use an algorithm that is slow to compute, but what is "entropy-enducing"? Putting a low entropy password through a hash doesn't increase entropy. It should preserve entropy, but you can't make a rubbish password better with a hash, it doesn't work like that. A weak password put through PBKDF2 is still a weak password.