sports carnival spreadsheet formulas

I am creating a spreadsheet for swimming carnival results. I am wanting to record the times in minutes, seconds and milliseconds. What is the correct format to use for the cell?

I am then looking for the places to be automatically worked out, I have tried to use the rank function but it does not like the times I am inputting.

The final thing I would like to do it to highlight new record times. I have the current records in a cell, is there are a way to condition so if new records are set the cell is highlighted?

To best describe or illustrate your problem you would be better off attaching a dummy workbook. The workbook should contain the same structure and some dummy data of the same type as the type you have in your real workbook - so, if a cell contains numbers & letters in this format abc-123 then that should be reflected in the dummy workbook.

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