Resetting mysql password

1. Ensure that you have stopped all running instances of mysqld
   
2. 
   

   
   Create a text file and place the following command
   within it on a single line:
   

   
   

   SET PASSWORD FOR 'root'@'localhost' = PASSWORD('MyNewPassword');
   

   
   

   
   Save the file with any name. For this example the file
   will be ~/mysql-init.
   

   
   
3. 
   

   
   Restart the MySQL server with the special
   --init-file=~/mysql-init option:
   

   
   

   shell> mysqld_safe --init-file=~/mysql-init &
   

   
   

   
   The contents of the init-file are executed at server
   startup, changing the root password. After the server
   has started successfully you should delete
   ~/mysql-init.
   

   
   

4. 
   You should be able to connect using the new password.
   

(From site http://dev.mysql.com/doc/refman/5.0/en/resetting-permissions.html )