You could try something like:
<?php
$var1 = '14:04:54';
$var2 = '14:40:35';
$var3 = 60;
if (abs(strtotime($var1) - strtotime($var2)) > ($var3 * 60)) {
echo 'Out of range.';
} else {
echo 'Within range.';
}
?>
Alternatively, you could use explode(), then manually compute the time for $var1 and $var2 in seconds.
By the way, $var is a rather poor name for a variable.