No. Why?

We booted from that CD, USB stick or other. No command prompt required.

It's really a great tool as I've lost count how many times folk forgot or never knew the admin password.

Windows Passwords for now are not a first line of defense. This may change with UEFI motherboards and Windows 8 but we'll see.

Bob

PS. A rather famous quote follows.
"Any code devised by man can be broken by man."