my $logFile = "C:\\Test\\Data\\Mytime1:00:34 AM";

    my ($logDrive, $logFilebase) = split /\:/, $logFile, 2;
    $logFilebase =~ s/[\:\>\<\|\s]+/\_/g;
    my $cleanLogFile = "$logDrive\:$logFilebase";

    print "     \$logFile: [$logFile]\n";
    print "\$cleanLogFile: [$cleanLogFile]\n";

##</code><code>##

D:\PerlMonks>\steve\t\t22.pl
     $logFile: [C:\Test\Data\Mytime1:00:34 AM]
$cleanLogFile: [C:\Test\Data\Mytime1_00_34_AM]