It seems that you are having some issues in order to reset your Slingbox since it does not reset.
In this case, I recommend you press and hold down the Slingbox reset button for 30 seconds. Then, wait until the Slingbox shows two solid lights (power on and network button). Once the Slingbox gets solid lights, you will be able to create the new password and set a new name for your Slingbox.
Hope this helps!