after managing to lock myself out of the admin section for the second time - I thought I should write up a very quick tutorial on how to change the master password. So here is just a quick step-by-step on how to reset your password for the main admin user - using phpMyAdmin. For this you will need access to the control panel of your server and be able to access your WordPress database via phpMyAdmin.

1. go to your server control panel and open the database via phpMyAdmin.
   You will see your database listed by its name on the left hand side - click its name to access the WordPress data. This is only necessary if you have more than one database listed here - in my case, as you can see on the screenshot here - there is only one database and all tables are listed.
   
2. you will see the different tables, by default preceeded with the ‘wp_‘ - look for the ‘wp_users‘ table and click the browse button as shown below.
   
3. to access the specific user details, ie the table data - click ‘browse’
   
4. once you can see the exisiting users’ details - you can edit the specific details for the admin user as shown below:
   
5. you will see all fields and values for the admin user and you can now type in your new password:
   
6. as the last step before saving our new password - choose ‘MD5′ from function drop down menu
   
7. click ‘go’ to confirm and save your new password - and you’re done :-)
   Returning to the previous screen - you will notice your password has changed, now encoded shown again as a string of letters, numbers and symbols.
8. NOTE: you might need to delete the cookie for the site in order for the changes to take effect !

To give credit where credit is due - this is the page that helped me getting this problem solved: WordPress@ T2