Local Administative Rights

I have been asked to change the local administrative rights on a laptop, (that runs XP) to conform with the company LAN. Unforntunately no one knows what the old local admin password was.

Is there a way that the domain admin can reset the password for the local admin? The only way I can think of is by formatting the disk and reinstalling windows. There has to be a better way.

This laptop is need for off-site work so it’s important that I can do this.