Both drafts are run on one day (as opposed to the MLB draft which lasts usually three days (I think).
Online league are several options on how to run the draft.
1) start the draft early offline allowing GM's to draft players using a third party utility, then import a csv file back into the game which details all the selections.
2) run the draft on draft day, typically with GM's making a huge list in the in-game function of their draft list.
3) other methods I haven't thought of.
Rule 5 drafts are typically run in-game with again GM's creating a list for the game to select from, I haven't seen done any other way.
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