#CJam, 31 30 bytes
24,[U3]m*{"'%02d:%d0',
"e%}/7<
This is pretty straight forward using printf formatting:
24, e# get the array 0..23
[U3] e# put array [0 3] on stack
m* e# do a cartesian product between 0..23 and [0 3] array
e# now we have tuples like [[0 0], [0 3] ... ] etc
{ }/ e# iterate over all such tuples
"'%02d:%d0',
"e% e# this is standard printf formatting. What we do here is
e# is to use the tuples and format the string
7< e# remove comma and new line from last line by taking
e# only first 7 characters