Yes, it's possible. You might not have to do a clean install, however.
First, where is the password set? Is it a password before you can get to BIOS, or is it a password to log on to Windows? If it's the latter, which version of Windows are you running?
If you have Windows XP, getting around a password is frightfully easy. First things first. Go
here and follow the instructions for Windows Password Recovery. If that fails, make your way down the list to each of the options in turn. I've used loginrecovery.com, the Offline NT Password and Registry Editor, and EBCD all to do the same thing. They all work.
If the password is set in BIOS, however, it might be a little harder to get around. Some motherboards have a CMOS reset button or jumper, but in a laptop that would be much harder to get at. You
might be able to boot from a Windows CD, but I'm not sure. Any ideas on this anyone?