How Do I Reset Windows Password?

Step 1 Insert your Windows XP CD into your CD drive and boot your computer. If you receive the message "press any key to boot from CD," press any key.

Step 2 Press Enter to setup Windows. After accepting the license agreement, you wil be asked if you want start a Repair process.

Step 3 Press R to begin the Repair process. Setup will now check your disks and then start copying files, which can take several minutes. After this, reboot. Let the computer boot normally (do not press a key to boot from CD).

Step 4 Keep your eye on the lower left hand side of the screen. When you see the Installing Devices progress bar, press SHIFT + F10. This will open a command line console.

Step 5 Type NUSRMGR.CPL at the prompt and press Enter. This will give you access to User Accounts. Remove or change your password. Write it down! After the repair is finished, you will be able to log on with your new password.

Second way:there is some free recovery tool like  Windows Password Recovery Tool  can help you.
Good luck!

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Open control panel and select user accounts icon. Here you can see all the users. Select the user you want to reset the password. Here you got option remove password and then you can create a new password. But if you are not logged on then it will not work.

Very good!
BTW, there is another good solution.
Here is the article about it.
www.ehow.com