I ran into the weirdest problem the other day. My gnome-keyring prompted me for a keyring password to authorize the use of a key, but didn’t want to take any of my passphases. I tried any passphrase I could think of to no use. My gnome-keyring, for whatever reason, was basically useless at this point.
I did a little bit of digging and found a solution here on the Ubuntu Forums. Let me outline the quick fix if you ever run into the same problem.
Command Line Version
Navigate to Places > Home. Press ctrl-h for "hidden files". Navigate to .gnome2 > keyrings. Delete default.keyring file.
At this point your gnome-keyring should be toast and you can reset the password on next use. If anyone has any other ways around resetting the password without destroying the keyring I’m all ears.