administrator shut out! password lost.

Situation and problem description:

administrator forgot password. shut out of system. lost admin password is same as login password.

Logged on using another account which has no system privileges nor most applications nor utilities (a child's account).

Time Machine Back ups on separate hard drive are obviously not accessible.

Can not use installation CD as this account has no privileges - so can not use the option to reset password holding down C key.

There is a key logger installed but again it is tied to the administrator and so hot key cannot be used (the key logger will have recorded the new password which has caused this problem - together with lack of foresight, obviously.

Any solution considered including ways to initialize disk even if content is lost - currently the computer is only good enough for my 5 year old.

I need a hacker!