Use this: http://www.loginrecovery.com/
It DOES work! Just follow all the steeps, and you will have to wait 48 hours to get all the passwords if you don't want to pay them for Priority Access.
Again...It DOES work, I used it once to recover the Admin password of a Win2003 Server.Windows Password Recovery:
Login Recovery is a service to reveal user names and recover passwords for Windows NT, 2000, XP, 2003 and Longhorn. As long as you have physical access to the computer, your passwords can be recovered
By following three simple steps, over 98.5% of passwords can be recovered within less than ten minutes. This service does not overwrite passwords, it does not write anything to the hard drive, it does not alter the computer in any way. It simply reads the encrypted passwords for processing through our servers.
A free low priority service is provided which can take up to two working days to process passwords. If you wish immediate access to the passwords, a priority service is available for a fee of GBP 10.00 + VAT (approx USD 20.81 or EUR 17.15). (Fee introduced to cover costs of the dedicated server farm)