What is 'possible'? What do you want to do - export defects from Excel to ALM and have Excel formatted data appear in the same format in ALM? Are these custom Time fields in ALM? What type of field are they in ALM?
This will probably require some workflow code. Probably in the FieldChange event, place this pseudo-code:
if field.name = "Time" then
field.value = Format(field.value, "!90:00")
end if