In Sharepoint 2007 I had a calculated value column with a function
=SUM(SECOND([Column name]); MINUTE([Column name])*60;HOUR([Column name])*60*60)
Column was a single line type with values similar to: "1:15:12"
It was used to transform item length to seconds
And it was working.
After an update to SharePoint 2010 such function is not working anymore.
SECOND, MINUTE, HOUR functions return #VALUE!
According the MS site it should work
Maybe there is some configuration/regional settings issues someone had come around and would be able to share.