With drupal 7, the password is no longer encrypted via md5. There are several ways to get / set a password in drupal7. Using drush (for your information not used in your case):
drush upwd admin --password="newpassword"
Without drush, if you have cli-access to the server: (for your information not used in your case)
cd <drupal root directory>
PHP s/password-hash.sh 'myPassword'
Now copy the resulting hash and paste it into the request:
update users set name='admin', pass='pasted_big_hash_from_above' where uid=1;
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