You could use a helper column of cells that changes the text values to real time
values. The formula would be something like:
=--SUBSTITUTE(A1,":",".",3)
The -- converts text to a real number (like multiplying by -1 twice).
The 3 indicates that you want the 3rd colon changed to a comma.
Then format the cell(s) with a custom format of: hh:mm:ss.000
You could actually embed this formula into any existing formula:
=a1-b1
would become:
=SUBSTITUTE(A1,":",".",3) - SUBSTITUTE(b1,":",".",3)
Format the cell with this formula nicely: hh:mm:ss.000
The subtraction will force excel to treat each as a number. The -- stuff won't
be necessary.
But I'd fix the data once so that I wouldn't have to worry about fixing all the
formulas (and new formulas).