"Most of you probably know what happened next. Windows won't load at all. I've tried changing the files back using a DOS utility on the Ultimate boot cd, but the entire drive is read only."
This is because the NTFS is much different than FAT versions. Many utilities can read it, but few can modify it. Fewer still should modify it when sensitive data is at risk.
PHLAK live CD iso mirrors:
http://public.planetmirror.com/pub/phlak/phlak-0.3.iso
ftp://ftp.ussg.iu.edu/linux/phlak/phlak-0.3.iso
http://70.84.27.2/~gamers/phlak/phlak-0.3.iso
ftp://gd.tuwien.ac.at/opsys/linux/phlak/phlak-0.3.iso
http://mixfevers.com/hosted/phlak/phlak-0.3.iso
ftp://ftp.iasi.roedu.net/pub/mirrors/ftp.phlak.org/pub/phlak/0.3/phlak-0.3.iso
Using PHLAK, like I mentioned before I would make an image of the drive using the partimage utility, or if you have Symantec Ghost then create a ghost image of the drive. This way if you mess up you are at least covered. You might have to make a bootable CD or floppy for Ghost to work.
Once you have a backup image to restore, then you can try some tools to fix the boot problem. To do this read here:
http://www.ntfs.com/boot-sector-damaged.htm
Basically you want to boot from WINS CD-ROM into recovery console login and run FIXBOOT.
However, you said you were having trouble with logging in to the PC as administrator. In that case did you try the following.
Using a blank password for admin?
Asking former user what the admin password might be?
Asking former admin what the password should be?
Trying logical passwords? ex. mothers maiden name, address, birthdate, SS#, middle name, FRED, etc...
For general password cracking I like CAIN & ABEL from http://www.oxid.it You need something a little more specific. If you could it would be great to just reset the Administrator password with a bootdisk.
Here is a good read on methods to do this:
http://www.petri.co.il/forgot_administrator_password.htm
If you can retrieve the NT pass