@AudioPro+borogovio:
Award and AMI BIOS versions are more suitable for cracking endeavor than Phoenix.
Older BIOS versions, mainly of Award (until 1997, 1998) may accept so-called "master boot passwords".
Windows compatible BIOS crackers commonly require that you've got administrator privileges when invoking. Sometimes drivers must be installed in advance prior to use such tools, e.g. CmosPasswd.
Otherwise you need a native DOS environment to launch the second category of crackers that are most effective as far as I know.
@borogovio:
When the BIOS is locked and the boot sequence is "hdd only" you merely have little chance.
You're confined to the active W2k os - not owning administrative status - looking for existing security holes in applications (Office 97, 2k...), configuration (registry) and os components (IIS) to gain full access "by mistake". It's damned difficult and nearly impossible if the admin additionally installed antivirus software and security patches like the three service packs. I'd been working as student assistant quite a while and knew any passwords, but now I'm not involved any longer and so I started doing some password research (only workstations, no w2k server) as the default student user account is too much restricted. In two cases I succeeded due to the security being pretty lame, I was allowed to boot an alternate os from floppy...
In order to work out the administrator's password (by brute force) you always have to get the hashes of the administrator account. By feeding L0pht Crack with the hashes data, it shall calculate the password in most cases (of course, if your admin uses non printable characters, LC will likely fail).
pwdump2.exe does this for you - as long as you run it in a shell (cmd.exe) with administrative privileges. To achieve this you may either "outwit" pwdump2 somehow (making it believe that you're the big boss), i.e. altering the source (I personally don't know how) or manipulate Windows applications to invoke a cmd.exe (system status!) in which pwdump2 should perform its desired output.