How to Crack the Account Password on Any Operating System
joetech.com
joetech.com
http://news.ycombinator.com/item?id=1180910
Lots of comments there.
tl;dr - if someone can access your hardware, you're toast unless you use encryption.
If your password is greater than 14 characters this wont happen, and if you are using Server 2008, Vista or Windows 7 this wont happen unless you enable it explicitly.
Edit: Following Rider's link to a previous submission, it seems Ophcrack does attack NTLM hashes. Wonder if it rainbow-tables them in 10 seconds?