Nick isn't talking about the 'Repair Console' (which does require the Admin password); he's talking about reinstalling Windows with the Repair option (which does not but does require the XP license key). They're two different things with confusingly similar names.
The 'Repair' option will NOT wipe your hard drive. Your apps and data will be unaffected. (Ordinarily I recommend backing your data up anyway, but that doesn't seem to be an option in your case.)
Instead, it will restore XP (only) to service pack (SP) level of the CD. Be aware, if your CD is a pre-SP2 CD (original no-SP XP, or XP SP1), you'll need an SP2 CD available. You won't be able to re-install any updates or patches until you update to SP2 first.
Also, you'll need your XP license key. It should be on the computer case or on the CD case. DO NOT START UNLESS YOU HAVE THE LICENSE KEY. Otherwise, you're going to get stuck at the license key prompt and may not be able to use your computer at all.
If you have a license key and XP and SP CDs, see these instructions. Depending on your system, this should take less than an hour. Once it's finished, you can reinstall all available updates and patches.
http://www.microsoft.com/windowsxp/using/helpandsupport/learnmore/tips/doug92.mspx
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In the future, use the 'Ask a Question' button. The 'Discussion' forum is for matters of general discussion, not specific problems in search of a solution.
There are TR members who specifically seek out problems in need of a solution. Although there is some overlap between the two forums, you'll find more of those members in 'Questions' than here in 'Discussions'.
Additional benefits to the membership include:
1) The "Questions" forum provides for your feedback, by way of your being able to mark "helpful" responses as such. This does not necessarily mean that a given response contained the complete solution to your problem, but only that it served to guide you toward it. This is intended to serve as an aid to those who may in the future have a problem similar to yours, so that they might have a ready source of reference available, thereby perhaps obviating the need for them to repeat questions previously asked and answered.
2) The TR search function makes it difficult to find a particular "Discussion" or "Question" if it has not had a recent post; the two types get mingled in the listings. By keeping each type in their respective forums, it is easier for all to find what they are looking for.