I'm assuming your running Windows XP?
First off, I'd turn the guest account off, completely. Make it inaccessible.
Next, create a password reset disk (you will need a floppy drive and an empty floppy disk....and I LOVE this feature, once upon a time I used this feature to circumvent being grounded off my computer

)
To do so, go to your control panel, open your "User Accounts", select your username, and on the left side of the window find where it says "Prevent a Forgotten Password", click that and it'll bring up a new window called the "Forgotten Password Wizard". Follow its instructions, and the next time he changes your password, pop that disk in and reboot the computer... it should give you an opportunity to use the reset disk.
Past that, I suggest you lock your computer down very tightly. Turn off Remote Desktop Assistance, also make sure that it asks for a password when ever its coming out of "sleep" mode or coming out of a screensaver. Delete any existing accounts besides your own, turn off the guest account, change your password to something with 12+ characters (make it something random, that he couldn't possibly guess)
Your computer may not have this feature... but if it does your in luck. Some computers have a "BIOS Power-On Password" feature, that requires a password to even power on the computer. To search for this feature, you will need to reboot your computer, and while its loading, look around on the screen for something telling you which key to hit to enter the BIOS. (most often its the DELETE key or TAB, but it does vary some so pay attention and find the instructions on the screen). Once you enter the BIOS, look through your options, the Power-On Password will probably be under something titled "Power Settings" or something similar (can also try under Advanced Settings, etc... it might take some looking around) But be careful and DO NOT change any existing settings in the BIOS.
As for the rest of it, it sounds as if hes changed the user permissions for administrator accounts. Its been a long time since I messed with account permissions so I can't help you with that. My personal suggestion would be....backup any/all files you need/want/can, and format the partition containing Windows. Get a clean slate, reinstall and load your stuff back on, and then lock it down tight. Otherwise he's just going to keep messing with you.
(On another note, you could always exact your revenge by taking a screenshot of his desktop, removing all his icons from the desktop, and then set his background as the screenshot you just took. It'll look like nothing changed, but he wont be able to use any of the icons. A baseball bat would have a more satisfying effect, though.)