http://www.cisco.com/c/en/us/support/docs/switches/catalyst-6500-series-switches/45681-720bug-passwd-45681.html
Steps 4 - 6 are as follows;
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4 Power down and then power up the router with the help of the power switch.
5 Press Break on the terminal keyboard right after the RP gains control of the console port. On the Catalyst 6500 that runs Cisco IOS, the SP boots first. It then turns control over to the RP. After the RP gains control, initiate the break sequence. The RP has gained control of the console port when you see this message. (Do not initiate the break sequence until you see this message):
00:00:03: %OIR-6-CONSOLE: Changing console ownership to route processor
Due to Cisco bug ID CSCec36997 ( registered customers only) (Password recovery on sup720-native leads to crash on SP), you have about 10 seconds to complete Step 6 before the switch crashes.
If the break sequence does not work, refer to the Standard Break Key Sequence Combinations During Password Recovery for other key combinations.
6 Type confreg 0x2142 at the rommon 1> prompt to boot from Flash without loading the configuration.
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Do you see the configured hostname or Router prompt after it comes back up?
Also, pay attention to the part where it says to break in when SP transfers control over to the RP and the 10 seconds you have to change the config register.
HTH
