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That is strange, I certainly don't recall that being the case when I was using NT 4.0. Even with Admin rights all you could do was reset someone's password.
Basically by todays standards the passwords for NT are clear text. It takes my laptop which isn't a beast of a CPU by any means about 2 days to crack any NT password. The reason there is some precieved limitation on only being able to change the administrators passord is because most utilities just "basically" overwrite the area where the password is stored.