OK, this really doesn't belong on LQ, but here goes anyway:
As far as I know, default recovery policy in w2k/xp/2003 is that when files/folders are encrypted with EFS, local admins public key will be used with the user public key. The list of public keys used is then encrypted once more with the recovery agent key.
The purpose of this is, that it should be possible for admins to recover encrypted files, should an employee go rogue, and delete his/hers private key.
So, create a new certificate (at least I think so), using the MMC cert. snap-in as a local admin user (if not THE local admin user), and you're now able to decrypt the files on the computer's fs.
It's been a while since i've done this, so please forgive any errors, and please use the technet website for any MS related stuff: