Conditional Formating Time help

Hello everyone, here is my problem

So i have in cell A written the time 07:00 , under it in A2 i have written a time 07:30, in cell B1 i have written 5 (which represents an offset of 5 minutes, to do so i've red i have to add the time divided by 1440 or number/60/24), how will i be able to create a rule that from 07:30 to 07:35 the cell to become green and stay that way for whole 5 minutes? when it's 07:36 i have some other rule already prepared to make the cell all red.

Thanks in Advance

B.

To add 5 minutes to a time value, using the #5 in a cell, you're right you can divide the 5 by 1440 and add that result to the time value..

So
=A2+(B1/1440)

You can also just use the TIME function to make it a bit easier to understand..
TIME(hours, minutes, seconds)

So
=A2+TIME(0,B1,0)

@Jonmo, those 2 functions just help me add those 5 minutes but don't offer me the possibility to say that as long the time is between 7:30-7:35 the cell should be green

@Fotis1991, i am using excel2010, forgot to mention that, an error pops when i try to use that CF Formula

Seems to be working fine now exactly as i expected, thanks mate

I am very curios if i am able to workout something with this formula instead of using 3 conditions just using the gradient one, when the time is under my time from cell A2 the cell to be gray, when the time is equal or +x minutes from cell A2, green and last condition when the time is greater then A2+x minutes to become red.

P.S. Allready added to rep

Yes, but i have also the option to use gradient color from gray to red for example...and green could be the midpoint or not ? for each one of them i can insert a different formula ...minimum, midpoint..maximum..