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Depends what install media you have access to I guess. I've not actually had to fuck around with that for a few years having pre-installed Windows for the most part.
You can get Windows password crackers. I've used one of those before to rescue a laptop. I've got it here on a CD somewhere. Called Orphcrack or something similar. I'm suggesting it's probably quicker to try and crack the password than reinstall.
You don't happen to know how I go about putting a fresh windows on a laptop without admin access or a Windows license key do you?
I imagine it's child's play for a man of your skill