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Default Static Time Entry

I need to use a formula that enters a static time in a cell based on the contents of another cell (the values will be 0 and 1). The NOW() function enters a dynamic time that changes each time the worksheet is recalculated. I need to enter the time as if I used the "Ctrl+Shift+:" keyboard strokes. I have tried several different things without success including a VB script that I found on a user site. In this particular application, using the "Paste Special" command in a macro would be too cumbersome. I can't believe that there is not a way to enter a static time using a formula. It looks like MicroSoft missed one here. Any suggestions??
 
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