create table #t ( hm varchar(5))
insert #t values('8:30')
insert #t values('5:45')
insert #t values('12:12')
insert #t values('7:20')
select convert(varchar, sum(datediff(ss, '1900-01-01 00:00', convert(datetime, hm)))/3600) +
':' +
convert(varchar, (sum(datediff(ss, '1900-01-01 00:00', convert(datetime, hm)))%3600)/60)
from #t