Is there a way to have 'time' field?

I need to create a field that indicates a particular 'time' and since there isn't one available, text with validation rules will probably be the option I'm opting for.

Does anyone have experience creating a field like this?

Another option would be to create three picklists (hour, minutes, am/pm), then populate a 'read-only' field with the desired 'time' formatting.