How to reset programmer password on WINCAPS III?

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Step 1 From the menu bar, click Tool, click Re-Login.
Step 2 Press the Chg. PW button to display the dialog box for changing the password.
Step 3 Enter three passwords: the current password in the first field and the new one in the other two.
Step 4 Press the OK button to update the password.

What if you don't remember your password? 

You have the option of using [SHIFT] + [↓] to bypass the password screen, then going to tool, and re-log in to change it.
If you want to use a password, you could always uninstall, then reinstall Wincaps.