Excel 2010 includes several time functions that you can use in your worksheets. Use the HOUR, MINUTE, and SECOND time functions to extract the hours, minutes, and seconds from a single time serial number.
The HOUR, MINUTE, and SECOND functions let you extract specific parts of a time value in the worksheet. Each of these three time functions takes a single serial_number argument that contains the hour, minute, or second that you want to extract.
So, for example, if cell B5 contains the time 1:30:10 PM (otherwise known as serial number 0.5626157) and you enter the following HOUR function in cell C5:
=HOUR(B5)
Excel returns 13 as the hour to cell C5 (hours are always returned in 24-hour time). If you then enter the following MINUTE function in cell D5:
=MINUTE(B5)
Excel returns 30 as the number of minutes to cell D5. Finally, if you enter the following SECOND function in cell E5:
=SECOND(B5)
Excel returns 10 as the number of seconds to cell E5.
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Source:http://www.dummies.com/how-to/content/deconstructing-time-with-excel-2010s-hour-minute-a.html
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