Time in Excel is in a fraction of a day:
6:00 AM = .25
12:00 PM = .5
et cetera
So to round your time, you can multiply the time by 24 and then use your favorite rounding function.
For example, if cell A1 contains your time "00:01:26 (hh:mm:ss)" then you can type this in cell B1:
=roundup(A1*24,0)
and you'll get the value of 2. If you want the number to still be in time format, divide your result by 24:
=roundup(A1*24,0)/24
and you'll get the value of 2:00 AM.