The problem I had was different. The password needed reset, however the ADMIN account was also disabled.
Here is how to fix that in case anyone runs across the same issue:
Lights-out 100 does have an option to disable to Admin account in the web interface for the version 2.14 firmware or later. If that box was accidentally checked, the admin account will not work.
To enable the admin account and resolve this issue, perform the following steps:
1. Create a DOS bootable disk (floppy or USB key)
2. Download the IPMItool from http://www.intel.com/design/servers/ipmi/ipmi_tool.htm ( Click here to download the IPMItool http://www.intel.com/design/servers/ipmi/ipmi_tool.htm )
3. Copy the IPMItool.exe to the bootable disk
4. Boot the server using the bootable disk
5. Run "ipmitool.exe 20 18 47 03 01 61 64 6d 69 6e 00 00 00 00 00 00 00 00 00 00 00"
The following information applies to the hex code for the ipmitool:
"20 18" is the SetFN/LUN numbers (the ILIM address and type).
"47 03" is the command string.
"02" means "set password"
"01" means "enable user"
The ASCII string for the password "admin" is "61 64 6d 69 6e 00 00 00 00 00 00 00 00 00 00 00"
Now the admin account should be enabled.
So instead of using 02 in the 5th set use 01 and this will enable the admin account.