Use the following:
var ts = new TimeSpan(0, 0, 0, (int)doubleValueOfSeconds, 0);
Of course you might want to consider more accurate rounding of the double value, rather than truncation as in my example.
Take a look at TimeSpan on MSDN to get the string value, though the simplest current culture-specific thing would be TimeSpan.ToString()
.
UPDATE to updated question:
You can't directly format a number of seconds to a date and time. Formatting is essentially string manipulation, and you need it to do some maths before that formatting happens.
Use my example above, then call TimeSpan.ToString(formatString);
to get the string values to give to the control.
That's assuming you haven't simply missed something. I personally think the Telerik controls are waaaay to complex, but I'm sure they'll have formatting built-in. Essentially, write code using my example above to create the data with timespans, then use the inbuilt format string to tell the control how to format the timespan for the given data series.