I installed MySQL server 4.0.13 on my Debian "testing" box ( stable seems too old for me ).

When I tried to create the database, it spits out this error message.
Code:
DebServer:/home/compunuts# mysqladmin create pndb -p
Enter password:
mysqladmin: connect to server at 'localhost' failed
error: 'Access denied for user: 'root@localhost' (Using password: YES)'
DebServer:/home/compunuts# exit
exit
compunuts@DebServer:~$ mysqladmin create pndb -p
Enter password:
mysqladmin: connect to server at 'localhost' failed
error: 'Access denied for user: 'compunuts@localhost' (Using password: YES)'
So what seems to be the problem and how do I fix it? Or point me to something to read?

TIA