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Default Averaging set of data based on the time

I am new to Excel spreadsheet functions. I would like to average the
data over a minute for a 24 hour period. How can I do this?

The data looks like this:

Col A Column B Column C
09/02/2007 12:26:00 PM -11.729
09/02/2007 12:26:02 PM -11.616
09/02/2007 12:26:04 PM -16.147
..
..
..
..
..
09/02/2007 12:27:00 PM 46.3466

Once I hit 12:27:00, I would perform the average and then start the
next period with 12:27:00 and go until I hit 12:28. I hope I am clear
on what I would like to accomplish. Thanks for your help.
 
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