Try this. Set your form's KeyPreview property to True and drop a Label to it (named Label1) then paste this code in. Now run it and try to type some values using the keyboard.
Code:
 Private Sub Form1_KeyPress(ByVal sender As Object, ByVal e As System.Windows.Forms.KeyPressEventArgs) Handles Me.KeyPress
        Dim curTxt As String = Label1.Text.Replace(":", "")
        If curTxt.Length < 6 Then
            Dim ch As Char = e.KeyChar
            If Char.IsNumber(ch) Then
                curTxt &= ch
                If curTxt.Length > 2 Then
                    For i As Integer = curTxt.Length - 2 To 1 Step -2
                        curTxt = curTxt.Insert(i, ":")
                    Next
                End If
                Label1.Text = curTxt
            Else
                Beep()
            End If
        Else
            Beep()
        End If

    End Sub