This  trick enables us to change the password of Windows Operating  System Using Ubuntu 9.10 distribution installed on a usb drive.
    Eventhough the titile states on XP, Vista and 7, the trick you are 
gonna  read is also for 2000 and 2003. This method is applicable when 
you have  some Alzheimer’s disease and you forgot your most important 
Windows  login password.  And probably you do some idiotic things with 
all the  password possibilities you know and then your account gets 
locked up. So  there when you stand without knowing what to do, this 
trick comes to  the rescue.
What do you need :
1) Unetbootin
2) Ubuntu 9.10 ISO (You can also download it using Unetbootin)
3)  chntpw
4) A Usb drive (1 gb or more)
4) A Usb drive (1 gb or more)
Steps :
First  we need to install Ubuntu 9.10 to the USB drive.. 
 Open Unetbootin in a  computer other than the target computer (you 
couldn’t do it on the  target computer as it is already locked or 
forgotten password)
Select
  Ubuntu 9.10 or Select the “Disc image” option and select the path 
where  you have downloaded the ISO. Select the type as USB drive and select  the drive where the usb drive is displayed. Click Ok..
Then Wait..
It installs…
When it is done, click on “exit” and remove the USB drive. Yupeee!! You now have the live image of Ubuntu 9.10
Insert  the Usb drive into the target computer. Start the computer, Boot from  the usb drive. If it does not come, you may have to change the boot  device preferences in the BIOS.
When  you boot from the USB drive ,
 the unetbootin options comes and you have  to select “default” . Thus 
it boots into Ubuntu OS. Now you have access  to the windows filesystem.
 Hurray!!
Now we need the tool chntpw. To get this software, connect to the internet and run the command :
sudo
 software-properties-gtk 
--enable-component=universe--enable-component=multiverse; sudo apt-get 
update; sudo apt-get install chntpw Go to the terminal and change the directory to the password file
cd /media/path/to/disk/WINDOWS/system32/config/
Now run the chntpw tool
 # sudo chntpw -u username SAM SYSTEM
When it is executed, it will just erase the password. Now you could restart and log into the windows without the password.
Anyway, as a security precaution , you may backup the data  in the hard disk, what if you mess it all up?? lolz..
 
