Inserting and deleting large amounts of data across many tabs

My boss handed me a 2000 tab report of data that looks like this:
Wednesday 10/5/2011
12:10 AM Armed 1352 -CA cityname, MBS 2
12:29 AM Disarmed 1352 -CA cityname, MBS 2
2:39 AM Disarmed 1352 -CA cityname, MBS 2
3:40 AM Armed 1352 -CA cityname, MBS 2

All in one cell, the next cell down has a different date. He has given me 1 day to format the data to say:
time in: 12:10 AM
Time out: 12:29 AM
and to subtract time out from time in.

Any suggestions? I need a way to do this quickly.
I have found a time to get rid of all the "Armed 1352 -CA cityname, MBS 2" but not to insert the other information I know the formula to do the math...

Can you use the "text to columns command"?

I tried and haven't found a way to keep the AM or PM with the data the numbers aren't in time format and when I format them to time they loose the AM or PM so 12AM becomes 12PM...
I've been at this since 4am I've been using =TEXT(B251-B250,"h:mm:ss") b251-B250 is whatever cells im using at the time. I have no idea how to get this 40 times on 2000 tabs quickly... all the pages aren't spaced the same either.

Data I'm given:
Sunday 10/2/2011
7:26 PM Disarmed 1352 -CA TRUMPET, MBS 2
7:49 PM Armed 1352 -CA TRUMPET, MBS 2
Monday 10/3/2011
8:27 PM Disarmed 1352 -CA TRUMPET, MBS 2
9:08 PM Armed 1352 -CA TRUMPET, MBS 2

Final product:
Sunday 10/2/2011 Time at location:

Time in: 7:26 PM 0:23:00
Time Out: 7:49 PM


Monday 10/3/2011
Time in: 8:27 PM 0:41:00
Time Out: 9:08 PM


I have 1 spread sheet with 31 entries per tab that is 1681 tabs long at this point all of it looks like the 1st portion titled" data I'm given" I need to make it look like the last.

The data in data I'm given is all in one cell. Each date is one cell.