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))