Spreadsheet for sport results

I am trying to set up a spreadsheet to input results for a swimming carnival.

I would like to be able to input the result into 1 cell in minutes, seconds, milliseconds and then in a second cell have the formula work out what place they come.

What format would I use for the time cell? and is the formula for working out the place =RANK(E5,E4:E7,1) correct?