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Default Time calculations

I have an Excel spreadsheet with mile split times for cross country runners
in one column (e.g. 5:08, meaning 5 minutes, 8 seconds) and 2 mile split
times in the next column (e.g. 10:15). The third column is the difference
between the mile and 2 mile times which is the time the runner ran for the
second mile. How can I have Excel do this calculation, and what format do I
need to put it in considering I do not need hours, days, dates, years, AM,
PM, etc.? I also would like to have a fourth column which displays the
difference (in seconds) between the third column and the first column, which
can be either a positive or a negative number to show how much the runner
sped up or slowed down.
 
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