Chris M. might disagree with me on this but a blank password for a local account is arguably the most secure password that account can have! Now I’m sure that some of you will disagree but here is why.
1. A local account using blank password in default setting in windows 2003 setup, can only logon locally.
2. Again arguably all windows 2003 servers are in a secure location. Server room, etc.. If not and anyone can get access to the server then what does it matter if a local account has no password, since they will be able to re-boot the server and do whatever they like to it.