well, assuming the command prompt is accessible on the limited user account, you can. Go to start, then run, type in "cmd", type "net user", then locate the account that is an administrator. type "net user 'admin' *" (obviously replace 'admin' with whatever the username is) then you can type in a new password. be aware that the little stars that usually appear when you type in a password will not be there. then log out and log in as the administrator. then you are free to change the administrative settings to however you would like them. good luck.
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This is very interesting. Does it work on corporate networks? If it does, is there a way to disable this as this is obviously a huge security risk!