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Default How do i give the word "CLOSE" a value?

I want to make it so that the word close is equal to 1:00 AM... I can get 2
different cells to do that... but i need for example cell C3 to say close...
but the word close is equal to 1:00 AM so that my formula can still calculate
how many hours are workd

example

(what i have)
IN OUT
5:00 PM 1:00 AM = 8

(what i need)
IN OUT
5:00 PM CLOSE = 8

the word CLOSE needs to equal 1:00 AM

please advise
 
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