Another way to recover/change the root password is to boot into single-user mode. You can do this by typing "linux 1" (without the quotes) at the LILO prompt when your computer boots (if you get a LILO prompt). If you have a menu of boot options, see if there is one called "fail safe" or "single user" or something like that.
This'll let you become root without entering a password. I'd recommend using a password, rather than blank space. Make it something easy to remember, or even write it down on a slip of paper nearby if there's no way someone could break into your house and look at it
Passwords aren't a huge deal if your computer isn't online full-time.
The same goes for your regular user. In general, hard-to-guess passwords are good, but if you don't expect anyone you don't trust to be having access to your computer, you can make it really easy.