This was recently posted on techrepublic. I haven't tried it myself:
USE CMD.EXE TO RECOVER FROM A FORGOTTEN PASSWORD
Forgetting the administrator password may seem like a catastrophe, but
it doesn't have to be. We'll outline several possible solutions to the
problem. If these don't work...
Also use regedit32. Go to HKEY_LOCAL_MACHINE and select the folder of the problem software. From the main menu select Security, then Permissions. Select the accounts or groups that will run the software. Make sure the Allow checkbox for Full Control is checked. Also check the inheritance...
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