Once again I failed to describe the problem.
If I enter a race time of 1:10.22 it will display that correctly.
If I enter a race time of 4:33.09 it will display that correctly.
But if later I go back to a cell to edit a time, I see 12:01AM and 12:04AM.
and I can't edit the fraction of a second.
It maybe Excel 2007 but I can't find the about button. Although the XP version did the same thing.