You can try using awk
:
ping 69.169.182.80 | awk '{ gsub("time=", "") ; gsub("icmp_seq=",""); print $5": " $7 " "$8 }'
Then You can place this line in Your ~/.bash_profile
file:
function pingq { ping $1 | awk '{ gsub("time=", "") ; gsub("icmp_seq=",""); print $5": " $7 " "$8 }'; };
And later use it like:
pingq 69.169.182.80