NO there is no easy way round, try the usual 'password' or in this case 'master' or nothing, also try administrator as the username, and then try guessing password again as above. Mind you it is no big deal to reinstall XP, just do it.. Otherwise in the words of Microsoft..
'Note If you have not created a password reset disk, and you have also forgotten the password for all user accounts, you cannot log on to your existing Windows installation for security reasons. This information applies to starting Windows XP typically, to safe mode, and to Recovery Console. In this case, you must perform a "clean" installation of Windows XP, re-create all user accounts, and then reinstall all your programs.'