This is from the TechRepublic W2K server tips.
If you have Windows 2000 installed on a FAT or FAT32 partition, you can use a DOS or Windows 9x boot disk to boot the computer and then delete the SAM file in the \windows\system32\config folder. After you restart the machine, you'll be able to use Administrator username with a blank password. Note: You'll lose all user accounts defined on this machine.
If Windows 2000 is installed on an NTFS partition, you have two options--both require a bit of work. One option is to use a utility that allows you to read/write on an NTFS partition, such as NTFSDOS from Winternals. You can then use a DOS or Windows 9x bootable floppy to boot the computer and delete the SAM file.
Or you can delete the SAM file from another instance of Windows 2000 if you don't want to fool with old bootable floppies. This requires you to install a temporary instance of Windows 2000 on the same computer and delete the file from there. After you log on to your original installation, you can remove the temporary one.
There's a slightly different method you can try if you don't want to lose all your existing user accounts. By default, Windows 2000 starts a special screen saver (located in Logon.scr) when no one logs on for a certain period of time. If you rename Cmd.exe to Logon.scr, the system will open the command prompt under the system account instead of the screen saver.
Once you get the command prompt, type net user administrator mynewpassword, where mynewpassword is the password you want to assign to the administrator account. You won't have problems copying Cmd.exe to Logon.scr if you have FAT/FAT32, but with NTFS, you'll have to come up with something else (e.g., a new parallel installation of Windows 2000).