There's no password on most major live cd distros it's just empty. Just about all of them log you in automatically, maybe there's something fishy going on with this one.
Have you verified all the checksums and digital sigs?
Usually it'll boot up, launch gnome or kde, log you in automatically and drop you into a gnome or kde desktop where you'll be able to click Applications==>Accessories==>Terminal inside the terminal sudo su - <enter> will su to root there's no password it's empty / unset.
If you install from the live cd to your hard drive you'll need to set a user password during the installation process this pass is treated as the admin pass and after you've installed in you can go to Applications==>Accessories==>Terminal sudo su - <enter> and enter your user password at the prompt, it's not going to appear as you type it.