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Default How is time represented? How do i make an equation representing 5 minutes?

Fist off, big thanks to Chip Pearson who answered my last querry here
with a pointer to his site-- great stuff there, thanks!

Here is my next problem-- simple I am sure, but i haven't a clue...

In Cell e1 I have a time, in one of the standard time formats. I need
to run some code if the current time is at least 5 minutes later than
the time in e1.

The IF, THEN statement seems obvious enough, but what goes in the
place of the question marks below? Does each numeral equal a second,
so for 5 minutes it would be 60*5, or 300? Apparently not, 300 doesn't
= 5 minutes I have fingured out through trial and error.... So what
should go in place of the question marks below to equal 5 minutes??
Arggg!!!! Thanks in advance for the help and/or explanation!

If (Now() (e1 + ????)) Then
 
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