1) Reboot the machine and hit any key when you see Grub kicking in. This will be after the BIOS checks but before any services start up.
2) You will now see a list of various kernels you can boot into, the first one in the list will probably be highlighted, and the default. It may be something like (for Fedora Core 4 multi-processor):
Fedora Core (2.6.11-1.1369_FC4smp)
3) Press "e" to edit the boot up arguments
4) These will look something like:
root (hd0,0)
kernel /vmlinuz-2.6.11-1.1369_FC4smp ro root=LABEL=/1 rhgb quiet
initrd /initrd-2.6.11-1.1369_FC4smp.img
5) Press the down arrow and then "e" to edit the kernel line, put a space and "1" at the end
kernel /vmlinuz-2.6.11-1.1369_FC4smp ro root=LABEL=/1 rhgb quiet 1
6) Hit enter and then type "b" to boot the kernel, the kernel will now boot to run level 1, rather than 3 or 5 which it will probably set to by default. It will only boot to run level 1 this time, and will then revert to 3 or 5.
7) After some basic services have started you should get a command prompt. Run the command passwd, and enter your new password. Now type reboot.
Commonly, run levels are used in the following way:
0 - Halt
1 - Single-user mode
2 - Not used (user-definable)
3 - Full multi-user mode (no GUI interface)
4 - Not used (user-definable)
5 - Full multiuser mode (with GUI interface)
6 - Reboot