Well i managed to break into it finally. The procedure i adopted is
1. Restore my system to a prior date using system restore in Windows XP (log in with administrator account to do that)
2. After that you will most probably be able to access the folders, List all files in the folders by Searching (hit F3 and put nothing in search field, and hit search).
3. Ctrl + A, select all and then Alt + Enter to show their properties.
4. In Security tab, goto Advanced and take ownership in ownership tab.
5. Then uncheck the inheritance check box and remove every security setting. Click OK
6. Back in the Security tab, click Add and add Everyone with proper security priviliges. Click Apply. This would most probably add the administrators to security itself too.
7. If administrators are not added, add them to yourself and allow unlimited access.
Hope so, this would help the people in future.