Ahh, I see the problem. It's like I kinda said above, the InSimClient is not all there and was originally made for an older version of InSim. The lap packet, and probably tons of others, have changed. In the case of lap time, it went from a minutes/seconds/hundreths/thousandths structure to a plain, unsigned integer in ms. In any case, it's out of date
So, you'll have to either fix InSimClient or delete it and make your own. But before you do anything maybe I should explain how some things work. Hopefully you'll follow me..
InSimClient uses the okSocket you give it to do the magic. If you open up InSimClient, change the left dropdown to InSimSocket and the right dropdown to Received (InSimSocket_Received) you can see where it handles the raw data. You'll also find that ISP_LAP (it's there, defined on line 67 in the InSimPackets type) raises the PlayerLap event (line 1060). After it does that, main.frm gets the event because it declared the InSimClient object using WithEvents, you see. It goes: okSocket receives data then raises Received event. InSimClient handles the okSocket Received event, parses the packet then raises whatever event. Finally main.frm handles the InSimClient events. For an article on VB6 events check out this:
http://www.developer.com/net/vb/article.php/1430631 (sorry, couldn't find it en español :shrug
So yeah, check out the InSimClient's InSimSocket_Received event to see where the data is extracted/parsed. Let me know if you're stuck or want an example without the InSimClient