Yes we can .
Okay lets do one thing first. Open your command prompt (run as administrator in win 7 or vista).
Type the following command :
You get administrator of account like as below image :
after getting name of administrator type below command.
net user user.name *
Ex: net user vrtheworld *
Hit enter. Set any password for that account.
Hopefully your new password must have been set. Did you notice one thing ? It didn't ask you to confirm old password.