mysql_install_db: How to set the root password
Upon installation, root@localhost does not have a password.

You should be able to connect without a password by just doing this:

$ mysql -uroot


Try the following:

$ mysqladmin --no-defaults --port=3308 --user=root password 'somenewpassword'


or you can do it the stubborn way:

$ service mysql restart --skip-grant-tables --skip-networking
$ mysql -e"UPDATE mysql.user SET password=password('somenewpassword') WHERE user='root'"
$ service mysql restart
$ mysql -uroot -p


UPDATE 2013-01-02 16:47 EDT

I am sorry, I overlooked the port number.

Here is the problem: you cannot use root@localhost against a non-3306 port unless you use the TCP/IP protocol. Please try this:

$ mysqladmin --no-defaults --port=3308 --user=root --protocol=tcp password 'somenewpassword'