OS X Password

I have recently purhcased a macbook pro off of my buddy and the notebook still has his login information. And i do not have the login or password. is there anyway to reset the computer without the use of the ox software DVD

I'm sorry if this is a stupid question but could you not just ask your buddy what the password is?

Sorry for the curious. I am having the same question as yansmith. Also, as I know, you had to have the master password to reset everything. If there is only one account, your buddy's password is the administrator one.