Excel 2007 : Using IF, OR and TIMEVALUE to get a number for specific Time Range

I have a column (C) with various time stamps in the format HH:MM:SS ie. 00:24:58 and 10:35:43.

I want to put in a number in Column D that returns a value between 1-8 depending on in which of the following time ranges the time stamp falls into:

00:00:00 to 02:59:59 should return 1 in column D
00:03:00 to 05:59:59 should return 2 " "
00:06:00 to 08:59:59 should return 3 " "
00:09:00 to 11:59:59 should return 4 " "
00:12:00 to 14:59:59 should return 5 " "
00:15:00 to 17:59:59 should return 6 " "
00:18:00 to 20:59:59 should return 7 " "
00:21:00 to 23:59:59 should return 8 " "

I think I have to use =IF(OR(Bxx<=TIMEVALUE("00:00:00") up against =TIMEVALUE("03:00:00"));1) or something similar, but I can't for the life of me get it to work no matter what I try...

Any input is highly appreciated..

Fantastic! thanks!

And in one line..great..

if I wanted to have the actual time range returned (00-03,03-06,06-09,09-12 etc) returned instead, what can I do then?

Perfect thanks!! that did the job!