Anyone with phisical access can own the computer by running something under the NT AUTHORITY\SYSTEM account. One can use an USB stick, or CD ROM with software to rea and write to/from NTFS partitions; Once this person eg. replaces a file that will run with NT AUTHORITY\SYSTEM privileges on every boot it will be able to access the passwords, create admin accounts, and even keylog, "screenshot log" the logon password.
The great problem is when a remote vuln is discovered and the machine gets exploited and is running the standard user account (which by default has admin privileges and can bypass UAC). Attacks that requires users to have phisical access to a machine are considered low risk, although the consequences can be pretty bad.
That´s it... simple hehe.