>When I look at the value of a time field in excel it says 11:11 AM, however when I try to import this into my dbf file it reads .456777, what am I doing wrong?

It's just the way Excel internaly stores Date, Datetime and Time values. See http://www.cpearson.com/excel/datetime.htm for details.
You can post-process the time column

lnExcelTime = .456777
lnSeconds = ROUND(24*60*60 * lnExcelTime,0)
ltDt = {^2000/01/10 00:00:00} + lnSeconds
? SUBSTR(TTOC(ltDt,3),12)