You can either go through GRUB or use the 1st CD to boot to a rescue environment. To go through GRUB you need the GRUB password (only if you have one. If you can't remember it either then you have to use the other method)
First at GRUB select the entry you would boot, then press "e" (means edit).
Then you will be taken to a screen with several lines. Select the line containing 'kernel' and press "e" again to go into edit mode.
After the current content of the line add a space and append "1" and press escape. Then press "b" to boot (to run level one) from that settings.
You will be booted and taken to a prrompt with "#"
Type
and change the password, and remember it!
If this doesn't work or if it asks you the current password, tell us back. We'll see the otherways then. For a typical FC3 this would work.
Note: You can see a glimpse of what can be done with GRUB. That's why GRUB should use a password.