Well, you can't convert this to a time field because, as mentioned before, it's not a time value but a string of text that represents elapsed time. Elapsed time is actually a numeric value, not a time value, so you need to convert this to a number. In this case the lowest common denominator (so to speak) is seconds, so I would convert this value to total seconds with something like;
Code:
Left([ElapsedTime],InStr([ElapsedTime],":")-1)*3600+Mid([ElapsedTime],InStr([ElapsedTime],":")+1,2)*60+Right([ElapsedTime],2)
You could do this in a calculated query field, then sum that calculated field for all records. Once you have the total seconds for the entire record set you can convert that value back with;
Code:
Format(Int([TotalTime]/3600),"00") & ":" & Format(Int(([TotalTime]-(Int([TotalTime]/3600)*3600))/60),"00") & ":" & Format((([TotalTime] Mod 60)),"00")
Replace ElapsedTime and TotalTime in the above examples with your actual field names of course.