Seeing that you used GETDATE(), I am assuming that you are trying to do this in SQL server. Here is how to do what you want:
SELECT DATEDIFF(minute, CONVERT(smalldatetime, '12/26/2007' + ' ' + CONVERT(varchar, TimeSlot, 108)), GETDATE())
where the style 108 obtains the hh:mm:ss of your TimeSlot value.
If your TimeSlot value is stored as varchar(5), you do not have to convert it to a date before concatenation.