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http://home.eunet.no/~pnordahl/ntpasswd/

This. Download and burn to a disk, boot from it and follow the instructions to reset account passwords. Exploits the fact that Linux-based OSs don't respect Windows protections.

If it doesn't work, reformatting is the only real option. If you can't get at your data in Windows to save it before reformatting I suggest using a Linux LiveCD.