Okay, I have gotten the time field to show an error message if the user enters anything above or equal to 24. The next problem is that if the user enters in 2300 or 2359, the error message pops up. I am using an action rule that converts those numbers to time format, and in order for the time validation to work, I put a rule on the action that is the following:
xdUtil:Match(string(.), "\d\d\d\d") and
msxsl:string-compare(., "23:59:59") <= 0
It works fine if you enter 2200 or 2259, but once you enter 2300, it just does not like it and gives the error message.