My input file is as follows:
12/13/2011,07:14:13.724,12/13/2011 07:14:13.724,231.56.3.245,LasVegas,US
I wish to get the following:
<
Try:
sed 's,\(:[0-9]\{2\}\).[0-9]\{3\},\1,g'
Also, try \d instead of [0-9], your version of sed may support that.
\d
[0-9]