Sperm have a typical life span of 72 hours...
however when a woman's body is approaching ovulation, (up to 5 days beforehand) she produces a mucus that can actually help the sperm last a bit longer than that, until ovulation time. There are little channels in the mucus that help sperm survive the climate of the vagina/uterus and help sperm travel to their destination, so to speak (imagine sort of a combination train system/hangout for sperm, until the time is right).
So while a sperm can live on average 72 hours, as ovulation draws near, a woman's body can help it hang on a little longer.