I actually found the answer on a different message board and thought it was cool enough to respond to my own post and share with everyone.
This procedure actually allows you to grab ownership of any folder, not just Administrator.
1 - turn off simple file sharing. Go into My Computer on the Toosl menu, click Folder Options then the View tab. Under Advanced settings, scroll down to "Use simple file sharing (recommended) and uncheck the box. Click OK.
2 - Right click the folder you want to take ownership of and click on Properties.
3 - Click the Security tab (If you get a security message, just click OK).
4 - Click Advanced and then click the Owner tab.
5 - In the name list, select the name of the user to take ownership and check the "Replace owner on subcontainers and objects" box. Then click OK.
6 - You may receive an error message saying "You do not have permission to read the contents of ....." just click Yes.
7 - Click OK and watch the system change all the security settings for you.