Yes, there is. And a good Google search should help, or searching the Red Hat support area.
In short, you will need a Red Hat boot CD, or any other "live" CD which can access the filesystem type used for the system (probably ext2 or ext3.) Mount the main (root) partition, navigate to /etc and work with the passwd (and/or shadow?) file(s). Make backups of the files, first.
I've had to do this on a few Solaris boxes, so I have that process down-pat. Linux I've only had to do once, so my vision is a little hazy. There's probably a better (read that as easier) way, something along the lines of the Offline Registry Edition for Windows, but for Linux.
HOWEVER, you might want the experience of loading your own operating system, anyway, even if you stick with Red Hat. You can use a "live" CD to copy the files you want off the system and then reload.