ORA-00057: maximum number of temporary table locks exceeded
Cause : The number of temporary tables equals or exceeds the number of temporary table locks. Temporary tables are often created by large sorts.
Action - How to fix it : DBA Scripts :: www.high-oracle.com/scripts
Increase the value of the TEMPORARY_TABLE_LOCKS initialization parameter and warm start.
Well, the reason for above error is that i have taken the above script from a 11g database and running it on 10g database. 11g has bring some changes in password management. Below code is executed on 11g and user created successfully, which is expected result.