This should work. You could hard code the whole thing (1-12 and 0-59) but it's less typing to put it in a loop.
<select name = "fHour">
<cfloop From = "1" to = "12" index = "iHour">
<cfoutput><option value = "#iHour#">#iHour#</option></cfoutput>
</cfloop>
</select>
<select name = "fMinute">
<cfloop from = "0" to = "59" index = "iMinute">
<cfoutput><option value = "#iMinute#">#iMinute#</option></cfoutput>
</cfloop>
</select>
When you put it in your DB or use it how ever you are #form.fHour#:#form.fMinute# will display the time the user selected. You didn't say anything about AM or PM so I didn't write for that.
Human beings, who are almost unique in having the ability to learn from the experience of others, are also remarkable for their apparent disinclination to do so.
-Douglas Adams (1952-2001)