According to Wikipedia (and confirmed in an answer by Dario Solera), in Italy they format times using colons:
The 24-hour notation is used in writing
Following from the conversation under Oded's answer, this is probably what you should be using:
var culture = CultureInfo.GetCultureInfo("it-IT");
var stringValue = new TimeSpan(100, 100, 100, 100, 100).ToString(null, culture);
var timespan = TimeSpan.Parse(stringValue, culture);
// Another example
var culture = CultureInfo.GetCultureInfo("it-IT");
var stringValue = DateTime.Now.ToString(null, culture);
var dateTime = DateTime.Parse(stringValue, culture);