Just how did you go about switching admin privileges?
FWIW: IMO, the read-only attribute really doesn't mean anything. If you check, you will find that any files on a CD/DVD are "read-only" and that makes sense, since the content of a CD/DVD cannot be modified while on the disk. But these files, when copied to a hard drive, may still reflect a "read-only" attribute...but they are indeed capable of being modified.
Scroll down to Read-Only at http://www.pcguide.com/ref/hdd/file/fatAttributes-c.html
If you are referring to folders/files that fall into the Docs & Settings category...that may be a different issue, one which simply requires your taking ownership of the files/folders in question.
How to take ownership of a file or folder in Windows XP - http://support.microsoft.com/kb/308421