Do not know if this is considered as a "good" solution to the problem, but it works for me. Feel free to give me som other alternatives if you have a better way :-)
function make_timelist($preval, $postname){
echo "<select name='".$postname."' class='formstyle'>";
echo "<option value=''>...</option>";
for($x=730; $x<1815; $x=($x+15)){
if($x < 1000){
$val = '0'.$x;
}else $val = $x;
$thistime = substr($val,0,2).":".substr($val,2,2);
echo "<option value='".$thistime."'>".$thistime."</option>";
if(substr($val,2,2)=='45'){
$x = ($x+40);
}//end if
}//end for
echo "</select>";
}//end function make_timelist