I have 1GB worth of data locked up in an encrypted TrueCrypt volume and I forgot the password to it. Is there any way to recover it?
It is actually possible if you have set a weak password with no key files. You also need a good GPU. This is done using brute forcing and dictionary attacks
You can download a tool called Truecrack which does this at: https://code.google.com/p/truecrack/
Here is an article about it. http://it.toolbox.com/blogs/securitymonkey/howto-cracking-passwords-on-truecrypt-volumes-51454
Assuming you set a reasonably complex password, from the FAQ this isn't possible!
Q: I forgot my password – is there any way ('backdoor') to recover the files from my TrueCrypt volume?
A: We have not implemented any 'backdoor' in TrueCrypt (and will never implement any even if asked to do so by a government agency), because it would defeat the purpose of the software. TrueCrypt does not allow decryption of data without knowing the correct password or key. We cannot recover your data because we do not know and cannot determine the password you chose or the key you generated using TrueCrypt. If you follow the security requirements listed in this chapter of the documentation, then (to our best knowledge) the only way to recover your files is to try to "crack" the password or the key, but it could take thousands or millions of years (depending on the length and quality of the password or keyfiles, on the software/hardware performance, algorithms, and other factors). If you find this hard to believe, consider the fact that even the FBI was not able to decrypt a TrueCrypt volume after a year of trying.