<< yes... reformat
Unless you've got major important info on the drive, you might as well give up now >>
Not so fast... as long as the files aren't encrypted, you can install W2K to another directory on the same drive, or put this drive into another W2K machine, to recover data before reformatting and reinstalling.
But ultimately, there's no way to recover the password, no. There are third party utilities that claim to be able to do this. Some may work. YMMV.