Using the data type TIME(4) test this code to determine if it is what you need.
/*Using your input format think the following will work
to reformat the text field to a TIME data type
(note.01 one hundredth of a seconds = 10 milliseconds */
DECLARE @I VARCHAR(10)
SET @I = '1:32.54'
--Replace the period/decimal point
SET @I = REPLACE(@I,'.',':')
--set the first part of time (hours) to zero
SET @I = '00:'+@I
SELECT @I
SELECT CAST(@I as TIME(4)) -- for testing
-- must edit to correct statement for other
-- data columns and then execute
INSERT INTO table name(column name,columename,racetime)
SELECT somevalue, somevalue, CAST(@I as TIME(4))