Here's is how to reset your OS X password without an OS X CD. the working solution for me was to create a new admin you can create a new admin like this by deleting a specific file. You need to enter terminal and create a new admin account:

1. Reboot

2. Hold apple + S down after you hear the chime.

3. When you get text prompt enter in these terminal commands to create a brand new admin account ( hitting return after each line):

• mount -uw 
• rm /var/db/.AppleSetupDone
• shutdown -h now

4. After rebooting you should have a brand new admin account. When you log in as the new admin account you can simply delete the old one and you are good to go again.