As the resident TFS admin, on occasion I am asked to undo a checkout (usually a lock) that a user has on a certain file. This can be done via the command line using the TF.e
Out of the box, no, but there are at least a couple of options via add-ons.
TFS Power Tools
Once installed:
Team Foundation Sidekicks
Another option is to use the Team Foundation Sidekicks application, which can be obtained here: http://www.attrice.info/cm/tfs/
It has a Status sidekick that allows you to query for checked out work items. Once a work item is selected, there are "Undo pending change" and "Undo lock" buttons that can be used.
Rights
Keep in mind that you will need the appropriate rights. The permissions are called "Undo other users' changes" and "Unlock other users' changes". These permissions can be viewed by: