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This is a good option. Ive also found that the Offline NT Password and Registry Editor works well for this purpose. http://pogostick.net/~pnh/ntpasswd/

The right answer, at least before taking a machine off the domain, is to make sure if you dont know what the local password is to get back onto the system that you reset it before taking the computer off the domain. I've been hit by this bug a couple of times though and dont always remember to do this step. Either way, its always good to have a backup plan. What I like about the above utility I mentioned is that it provides you with the ability to reset the password on accounts that exist. You still have to boot up the system using some kind of boot cd, but you dont really have a lot of options here.

That's true, if you don't have your discs, you won't have much luck. That's another reason why I tell as many people as I can that if you're ordering a prebuilt system, and the manufacturer offers it, tell them that you want your Windows installation disc (and don't settle for just the recovery CD).

One other thing to note here. Editing the registry is dangerous if you dont know what you're doing. If you dont feel comfortable performing the above mentioned steps, you should hesitate from doing so and call your local tech guru to help you out. It might be helpful if you had a backup, but if you are in this situation, you may not have one (although I would argue that you should always have a good backup before doing things like this, but I digress).