"Note: This is for Dell CP and CPI Latitudes, it has not been tried on other models. Another way to crack it is to create a short in the 24c02 chip (the markings on the top of the chip) between pins 3 and 6 when you power on!
Before you try that though, remove the hard-drive and see if you get the same error.
If NOT, then it is a Hard-drive password and not a system password. This fix is for a system BIOS password only. A new Hard-drive should fix it if it boots w/o the hard-drive or is cleared of a system BIOS password.
The chip is below the processor so you have to solder two very small wires and bring them outside the laptop then reinstall the processor. Short the two wires and power on! Pin 1 is the one with the dot in the corner. Next pin on the same side is 2 then 3,4, and 5,6,7,8 going around the corner with pin 8 being across from pin1. The power on password will be disabled and you will be able to access the system settings via the F2 during bootup as if it was never there. This works for me, works great.
Only catch is…if there is also a hard-drive password, it will not disable that one and you will get the same message. But at least you will be able to put in a new hard-drive and use the laptop. I haven’t figured out a fix for the hard-drive one yet, except I may try to adapt a cable to connect the laptop drive to a desktop pc and then I should be able to Fdisk it etc. (the laptop looks for the password protection, I doubt the desktop will especially another brand.) You could try to install the hard-drive in another brand laptop. Perhaps then you can Fdisk it etc. to reclaim it.
For those of you who are not accustomed to soldering PC boards. Make sure the wire does not touch other pins or the case. Do NOT OVERHEAT the chip! Work in short sets of applying heat and let it rest a few minutes between attempts if you can not get it to attach right away. No more than 8 seconds at a time at low temp setting.
I used some old “wire-wrap” wire. It is very-very small, single solid strand, and insulated. Be sure to ground the solder iron to the case just before you solder and REMOVE THE BATTERY FIRST!"

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-Maestr0