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First create a list in Excel of 7:30, 7:35, 7:40, 7:45, 7:50, 7:55 & 8:00

You will use that list of 7 as a master to randomly select from.

If your list is in A1:A7 for example
Use this formula which pulls out 1 of those 7 values from the list.
=INDEX($A$1:$A$7,RANDBETWEEN(1,7))

Helpful? Here is a useful resource with some free Excel training manuals, have a look.
http://www.microsofttraining.net/excel-training-london.php#resources

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