Lost Admin Password

I lost my admin password for my WP1.2 blog. I chose the “forgot password” option at login and recieved this error:

“Database error: [You have an error in your SQL syntax. Check the manual that corresponds to your MySQL server version for the right syntax to use near ‘SET user_pass = MD5(‘cd32f5’) WHERE user_login = ‘admin” at li]
UPDATE SET user_pass = MD5(‘cd32f5’) WHERE user_login = ‘admin'”

I was mailed a new password which does not work. Now I can’t access wp-admin from any existing id/password. Am I out of luck? Any way to start with a fresh install but preserve the current postings and settings? Help!