Upon arriving in London, you will go through passport control, which in this case is the same thing as immigration. The wait can vary tremendously, depending on how many agents are on duty and how many other flights are arriving. Heathrow is one of the world's busiest airports and is always hopping, so planning a short time in the line is never wise. The last time I arrived, in 2000, the line took an hour. But I've read of 15 minutes and 2 hours, so just roll with the flow.
You then pick up any checked luggage and go through customs, but unless you have something to declare, this is merely a matter of going through the "Green Channel - Nothing To Declare" line. Unless you are "randomly selected for additional screening" (which can happen but is rare), you can then go to a taxi.
BTW, a prebooked car (called a "minicab") will be much cheaper than a black cab, and if you pay cash, cheaper still. Just Airports is one minicab company often recommended, but there are others.
From London to Zurich, you will first go through passport control leaving London (in this case, it's emigration rather than immigration). Upon landing in Zurich, you go through passport control/immigration (again, same thing here), luggage pickup, customs, and exit. Again, trying to plan the timing will only cause undue tension. Zurich's airport isn't nearly as busy as Heathrow, and gets lots of flights from Schengen countries (these arriving passengers don't have to go through passport control), and so in theory should have a faster time in line. But again, how fast or slow the line is depends on how many agents on duty are processing how many simultaneous arrivals. Trains in Switzerland aren't usually reserved, so just get on the next one.
The US, by the way, is one of the few countries (perhaps the only one?) that does not have passport control on departure. So, flights to London can leave from the international or the domestic sections of O'Hare airport - check carefully where your flight is departing from so you don't waste time going to the wrong place. Unless you're flying back through Dublin or Shannon, however, your flight from Europe will land in Terminal 5, where the immigration and customs facilities are.