I hv never been such situation, just guessing now..
First see if you have user root in there or not .
see by cat#/etc/passwd
OR
#cat /etc/shadow
If it is not there then you can do adduser..You need to make sure that user has UID 0 and GROUP 0
#adduser -u 0 -o -g 0 -G 0,1,2,3,4,6,10 -M root
Above, 1,2,3 ...... are extra privileges which is required by a root user (read somewhere) and -M is to not create home directory for user root as it is already there.
After that try changing password.
Btw, not to forget .. before doing any thing, mount it in rw mode.