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Here is the solution:
Most Dell Laptops store password in EEPROM which doesn't need battery to retain informaiton (hint: don't try to remove it to reset the PW)

Dell can provide you with a master password if you're registred customer/buyer for this computer. However, if you bought it used as I did, good luck getting help from dell. I happen to bough two computers and a 20" LCD monitor from them in the last year and ther attitude toward customer bothers me.

Anywho, to reset the password you need to reset the EEPROM device. This link explains how to do it:
http://qasimtoep.tripod.com/dell/dell6.html

First you need to find it, every model has it in a different location, in my case of Latitude CPx, I had to remove the motherboard and it was on the bottom closer to the parralel connector's edge of the board. Look for an 8-legged device with markings similar to the one at the link above. Once you found it, simply connect the two leggs and power the board up. In my case, the lights came on but the computer didn't start. After removing paper clip, the computer started and informed me that it was in Factory mode, press FnX to get out of it. After pressing Fn then X, I was able to go in and reset date and other junk and everything works again.

Follow laptop Service Manual from dell. It'll show you how to strip the computer down.

Good Luck!

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