I thought I read somewhere that I can upgrade a memory card. If so, what type?

Honestly, instead of asking all these questions why not just read the manual ?
DJIHaveanswers

I'll be honest. I'm a bit lazy and too excited to read through it. I haven;t had it delivered yet and I'm just still trying to get answers before going through the entire manual for all my questions at this point. But sorry if I'm being annoying!

You can download the latest manual from this website and be prepared for the great day when your phantom arrives.
I don't mind people asking questions as long as they have at least tried to find the answer in the manual first, otherwise its just the same old questions over and over again.
Sorry if I come across grumpy at times, that's just the way I am...

DJIHavequestion Posted at 2014-11-6 05:35
I'll be honest. I'm a bit lazy and too excited to read through it. I haven;t had it delivered yet an ...

Since you're lazy and johnwarr is grumpy...

You get a 4gig micro SD card with the P2V+.
See the attached page from the manual that you really should read before your excitement turns to disappointment when you don't understand the craft you bought...

T J Gilbert Posted at 2014-11-6 06:17
Since you're lazy and johnwarr is grumpy...

You get a 4gig micro SD card with the P2V+.

Thanks for the help. Yeah, I should've done more research for sure.

How much time of HD video recording can be stored on this 4 GB card ?

Your results are going to vary with your chosen settings.
There are many charts available on the internet that will give you approximate numbers.
Here's one from Amazon...