A more decent charger will charge your pack in a lot less time than that!

Two mins run time is really low... Something isn't right, I agree w/ Dr Honda on that!!! And, if you're capable w/ a soldering iron, feel free to make up some packs out of loose NiMh cells (keeping the same cell count). Use CA or hot glue or other to tie the cells together, use something like 24 ga between the cells, solder on a connector, and give it a go! I don't know the package deal, and don't know the actual cells that go in 'em, but an equivalent cell is most likely available somewhere, and most likely cheaper than you'd buy from anyone as a pack for this heli.
If I owned an M-24 in your shoes, I'd check:
Binding! See if any gears are binding- a piece of thin paper can be used to set spacing for the gears- not too tight, not too loose. Check the friction by hand everywhere something rotates. Ball joints (not as critical to run time, but critical to handling), they should be very loose but without play (other helis, squeeze w/ pliers to loosen up). Decent charger, be sure your pack is getting charged properly. I'd try a different battery pack, as at 2 mins run and 6 hrs charge, I'd bet the motor isn't even broken in yet! Also, break in the motor properly - pin a couple of D sized cells together, connect the motor (disconnect it from the Heli electronics) to 'em, run it for 30 mins or so (some say longer, depends on the motor). Make sure all bushing (read NON-bearing) surfaces are lubed - motor, shafts, whatever.
If your pack has been overcharged (and heated! Heat is BAD!), it's probably shot and in need of replacement. If it got overcharged, you need a better charger w/ proper peak detection - is your charger a wall transformer type that you disconnect after a certain amount of time?
Hope this helps!
Take Care,
Paul