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I have a custom formula field on my lead object with the following syntax:
NOW() - CreatedDate
That calculates the number of days the lead has existed and can be reported on as well.
Edit: Actually I have two fields: One calculates all time and the other calculates based on our criteria of an "open" lead. The "open lead" formula is
IF(OR(ISPICKVAL(Status, "Open"), ISPICKVAL(Status, "Contacted")),ROUND(NOW()-CreatedDate, 0), null)