Ha! If I knew it was that easy I would not have asked... But here is the how too if anyone else is curious.
At the lilo boot screen, as soon as boot: appears (you must press a shift key at this point on some systems to prevent automatic booting), enter:
boot: Linux init=/bin/sh
This causes the system to boot the kernel and run /bin/sh instead of its standard init. Now you have gained root privileges and a root shell. Since / is currently mounted read-only and many disk partitions have not been mounted yet, you must do the following to have a reasonably functioning system.
init-2.03# mount -n -o remount,rw /
init-2.03# mount -avt nonfs,noproc,nosmbfs
init-2.03# cd /etc
init-2.03# vi passwd
init-2.03# vi shadow
(If the second data field in /etc/passwd is "x" for every username, your system uses shadow passwords, and you must edit /etc/shadow.) To disable the root password, edit the second data field in the password file so that it is empty. Now the system can be rebooted and you can log on as root without a password. When booting into runlevel 1, Debian (at least after Potato) requires a password, which some older distributions did not.