Mood episodes, as the DSM-IV-TR defines them, typically last for days at a stretch or more. Cyclothymic disorder can involve more frequent changes of mood than full bipolar disorder, but bipolar disorder is not a rapid swinging of moods in a single day because of emotional reactions to events (that's more borderline personality disorder or emotional dysregulation/neuroticism more generally).
Classically, bipolar disorder has discrete periods of major depression lasting days to weeks or months alternating with episodes of mania lasting for days to even weeks at a stretch; in the extreme, psychosis can be involved. In some cases, mood symptoms of both classical major depression and mania mix (e.g., flight of ideas but with depressed mood). Mania or hypomania typically involve periods of high self-confidence, high sex drive, impulsivity and reckless pleasure/reward/goal-seeking behavior, hyperactivity, talkativeness, and a euphoric or irritable mood. Depression is the opposite: sullen or apathetic mood, lethargy, insomnia or hypersomnia, anorexia (no appetite) or binge eating, inability to feel pleasure, suicidal ideation, feelings of guilt or worthlessness, etc. Irritability is a diagnostic criterion for both types of mood episode.