Forgotten password- any quick fixes or just reinstall?

My friend forgot her password for her Windows 7 login. Are there any quick fixes or do I need to reinstall Windows 7? If I need to reinstall she wants to keep all her files. How would I transfer her hard drive to my laptop or external hard drive?
 
Can you log in as "Administrator"? -if that's possible just reset the password...

Otherwise if you want to save all the old stuff from the hdd then run a live cd (ex. ubuntu) and transfer the stuff to an external hdd or memory stick or what-nat...
 
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