Billy,

There are a number of issues here.  First, you say you have a Users table,
but then your password is hard coded as "awesome".  How do you know which
user is trying to log in?  Next, GET RID OF THE GOTOs!!!!!!  The most glaring
problem here is that your pwd_invalid tag is not in your sub.  That is the
worst thing you can do with a goto.  Whenever you jump outside the sub you
are in, it will stay resident.  You can blow memory with this situation.  
Better form would be:

Private Sub Submit_Click()
'Simple password routine.
Dim F As Form
Dim blnDone as Boolean

   Set F = Forms![frmPswrdEdit]
   do until blnDone    
       If F!pwd = "awesome" Then
'Here is where you should find the user who is logged in.  I  can't give you
a solution because I don't know how you know who is logged in.
           acMenuVer70
           DoCmd.OpenForm "frmEdit"
' The following Me!fields are located on the "frmEdit"
           Me!DateUpdated = Date
           Me!TimeUpdated = Time()
           blnDone = True
       Else
           If msgbox("Retry or Cancel",vbRetryCancel,"Invalid Password") _
                   = vbCancel Then
               blnDone = True
           End If
   Loop
   DoCmd.Close acForm, "frmpswrdEdit"
Exit Sub

Note that your checks on the password text box for zero length and null are
omitted.  They are unnecessary.