I see what you are trying to do. A bit more complicated, but give this a shot. Let's say that you type all of the times in column A, starting in cell A1. Keeping with your example, let's say 706 is am and 706+ is pm.
In cell B1 - Type the following formula and hit CTRL + SHIFT + ENTER
=IF(RIGHT(A1,1)="+",SUMPRODUCT(MID(0&A1,LARGE(INDEX(ISNUMBER(--MID(A1,ROW(1:25),1))*ROW(1:25),0),ROW(1:25))+1,1)*10^ROW(1:25)/10)+1200,SUMPRODUCT(MID(0&A1,LARGE(INDEX(ISNUMBER(--MID(A1,ROW(1:25),1))*ROW(1:25),0),ROW(1:25))+1,1)*10^ROW(1:25)/10))
Right click cell B1 and put it in the custom time format that you are currently using, 0\:00. Drag the formula down column B. Let me know if this works.