Using RIGHT Function to extract time values in date / time field

Hello everyone:

I am trying to use the RIGHT function to extract the time from a date / time field. I've also attached the sample Excel file.

Example from Cell B3:
3/8/10 11:55 AM

I tried the RIGHT function in this manner (Cell C6):
=RIGHT(B1,8)

But, it gave me this answer even though I formatted it as "Time" (Cell C6)
68829282

It seems to me that the RIGHT function can only be used on alphanumeric characters. Is there another function or way to extract the 11:55 AM from the cell?

Thanks in advance for your help.