I couldn't get this to work, but it is interesting.

I was trying to reset the password for a local administrator at a VMware VM.

1. Per this, download and install the Spower software here and then run it.
2. Once "Password Recovery Tools 2012 Trail" is installed pick "Windows Password Reset" at the left which should expose the "Spower Windows Password Reset" option.
3. Burn the software to a USB drive. If the software can't see your drive, close the application and reopen it.
4. Add "bios.bootdelay = 20000" as a line of copy to the .vmx for the VMware VM to edit the password for as suggested here in Notepad.
5. At "Removable Devices" beneath the "VM" menu of should see the ability to connect the USB device to the VM.
6. Log into the BIOS for the VM and try to set the boot order to allow for booting from the USB drive.
7. If the doesn't work use MagicISO to make an .iso of the USB drive's contents and then set this .iso to be the CD in the CD drive of the VM by altering the CD/DVD (SATA) setting for the VM. (Click the "Show or hide console view" icon to expose the left nav of options for the VM.) Note that you must explictly save the .iso in MagicISO or else it will end up empty inside.
8. Perhaps you'll need an autorun.inf file with something like this in it at the .iso...
   [autorun]
   OPEN=SETUP.EXE
   ICON=SETUP.EXE,0