metasploit/other priv esculation attacks. GO introduce yourself.
That doesn't necessarily mean you can do it from within the OS. Most BIOS's can only be set/changed during boot. Some, however, like toshiba have a tool called HWSetup or something similar that can be used.
A BIOS update might remove the password, but I haven't tried it.
Simply having admin rights on a computer does absolutely nothing, and is bad advice, you should feel bad.
Resetting or removing the battery is the best and most effective option. You have to remember, the BIOS starts and controls whether or not the actual OS will boot in the first place. The OS has nothing to do with it.