Yeah a lockout program is possible. But i'm assuming you have permission to have this laptop? You said you were restricted from most of the control panel and from editing the registry? I'm assuming you can get to the control panel but you just can't access certain applets? What are the exact errors you're getting? But you should still be able to get to the applets. Click start--find files--and search for *.cpl including the asterisk. Then click on each cpl file listed to access them. Appwiz.cpl is for add/remove, desk.cpl is for display properties, etc.
If you can't open regedit then try renaming regedit.exe to regedit.com then click on it. Does it open? If not what error does it give? Here's another thing you could check which I saved from some site. It's probably the same in ME: Click Start>Run>poledit>File>Open Registry>Local User>Windows 98 System>Restrictions>Disable Registry Editing Tools