Administrator Password

I have a laptop that an employee set up and he doesnt remember the local admin password. Is there a way to recover this? He was trying to upgrade from Windows 2000 to Windows XP and it began to do a physical memory dump, so I tried to start it in safe mode, but I need the admin password. Please help, we are a school and he has his students grades on this computer and he can’t loose this information.

Thank you,

Michelle