Is there a third time flute in Pokemon Colosseum?

There is no "third time flute" in Pokémon Colosseum.

The game features two flutes:

* Time Flute: This flute is used to slow down time, allowing you to capture Pokémon more easily.

* Space Flute: This flute is used to warp to a different location within the current area.

There is no third flute in the game. If you're thinking of another item or mechanic, please provide more context.