How long is the blade when extended, and how compact is it when retracted?

The green 4-segment blade extends to approximately 20 inches and fully retracts to about 11 inches for portable play.

Does the Luke Skywalker electronic lightsaber have lights and sound effects?

Yes. The product description says it is an electronic Luke Skywalker lightsaber with lights and sound effects, and the overview also mentions epic sound effects.

Questions & Answers: Hasbro Star Wars - Luke Skywalker Electronic Lightsaber - G27065X00

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Hasbro Star Wars - Luke Skywalker Electronic Lightsaber - G27065X00

Electronic Luke Skywalker Lightsaber with lights and sound effects, hilt design inspired by the character.
Green 4-segment blade extends to approximately 20 inches with a flick of the wrist and fully retracts to about 11 inches for portable play.
Batteries included (2 AA).
A fun addition to a Star Wars costume or collection; ages 4 and up.

$33^.99 –