Windows XP Pro:
At the log-in screen, press Ctrl/Alt/Del twice quickly
Type "Administrator" and leave password blank.
Windows XP Home:
Reboot, tapping F8 each second.
Select Safe Mode at the menu.
Select Administrator, leave password blank.
Then go to User Accounts in Control Panel.
Select the user and change the password.
If you are using Windows XP Pro and have encrypted data, you may permanently
lose access to the encrypted data.
Or
Remove the hard drive and insert the hard drive in another computer. From
there you can read the data. It may be necessary to Take Ownership to regain
access to the data.
Another option is to install Windows XP on another partition and take
Ownership of your data.
You could also perform another installation on the same partition, although
this is not a permanent fix and it is recommended to perform a Clean
Installation after retrieving your data.
As a last resort you can perform a Clean Installation of Windows.
After this is resolved, take precautions to not lose the password.