I have a clip that I need to measure time in. Currently I have it with SMPTE time code format. Is there a way I can change the format to regular, 00:00:00 Instead of 00;00;00 ??

Use different source material. If you use PAL instead of NTSC, you are done.

The semicolons are used in SMPTE drop-frame mode, the colons indicate non-drop-frame mode. Just switch modes, if I understand the problem. No actual frames are "dropped" in drop frame mode but it adjusts the time code indication to tv frame rate...so the indicated time will be slightly different in one mode to the other....