Just learnt a new TSQL term , although i did know this functionality is achievable in other ways, i hadn't come across this one before. RESEED resets the seed value of the IDENTITY. However, SQL Server 2000 works differently on RESEED for virgin tables when compared with 2005/2008.
For the table_name, to reset the seed value of the identity column to a new_value DBCC CHECKIDENT(table_name, RESEED, new_value) does the trick.
In SQL Server 2000 RESEED always increments the seed value but on 2005/2008, it doesn't increment but starts with the new_value.