26.10.06

Which is which?

I know that time after 12:00 noon is pm and that after 12:00 midnight is am. But when you say to someone 12:00 am what does it mean?

Does the time go forward as: 12:00 am,12:01 am, 12:02 am, etc..
or Is it: 11:58 am, 11:59 am, 12:00am, etc..?

In other words: Is 12 am, noon or midnight?

Just wondering, I was also checking to see how many : I could use and still have five lines readable.
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