ERD Commander 2000.It's out there. You make a bootable CD with it or a series of floppies. Like the repair console but with a lot more commands. Just load up the user list and set the administrator password to be whatever you like. Works with WinNT and Win2K. The support guy for the EE department at Pitt has such a CD. Bailed me out of a jam on a call.
(Oh, just for a laugh, check out SysInternals' page for it. Note the price.)
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When 1337 hax0rs start impaling each other with swords and typing code with a hook on one hand, then they can modify the term "pirate."