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Default Calculating turaround time using IF function

I'm just learning to use the IF function, and it is not calculating
correctly, so am looking for help. I'm using Excel 2000.

For my spreadsheet, if a document is made available after 1700 hours
or before 0700 hours the following day, I want it to calculate the
turnaround time for those reports to begin at 0700 hours; otherwise
calculate the remainder of the reports from the time the report became
available to completion. Here's the IF statement I'm attempting to
use with little success.

E=Time report available
I=Finish time

=IF(OR(E"17:00:00",E<"07:00:00),0700-I,I-E)

 
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