Here is an attempt. First, it turns off the y axis, and then converts the data into minutes and adds them to the y axis as labels.
data <- c(298, 507, 1008, 346)
boxplot(data, yaxt="n")
at <- axTicks(2)
axis(2, at=at, labels=sprintf("%d:%02d", at %/% 60, at %% 60), las=1)
To give a little explanation:
axTicks"Calculates pretty tick sites, just like R inside itself." (from ?axTicks).
%% , %/% , x %/% y, , x y.
, sprintf , 0, , .. - 2 02.
