The password is set up on the original installation and set into the registry.
Once you have created a password, you need to take a note of it as simply reinstalling won't help if you lose it.
The only way I found was to uninstall; then thoroughly clean the Windows registry before reinstalling.
I won't guarantee that it'll work for you; it worked for me, and that was with Windows XP.
Assuming you are installing using original RM files?
If you intend modifying RM to format the pc cards, make sure you use a slightly earlier version.
Good luck......