Here's what happens on a Picaxe 28x1 in a project board when you connect pin C.7 to the Reset pin. Check out areas F and H in this photo.
The reset function in a Pic(axe) is made so that when it is pulled low, the chip resets. An on-board 4700 Ω resistor keeps the pin high during normal operation. The little button pulls it down.
This Picaxe really is stuck in a moment and refuses to believe:
#picaxe28x1
#no_data
#no_table
pause 500
dirsc = %00000000 pinsc = %00000000
'U2 - Stuck In A Moment
tune 0, 9,($2B,$29,$64,$6C,$6B,$69,$64,$6B,$69,$64,$6B,$69, $6C,$64,$62,$61,$6C,$6B,$21,$62,$6C,$64,$64,$64,$66,$6C, $66,$64,$61,$29)
'reset by changing input C.7 into an output and making it low
dirsc = %10000000 pinsc = %00000000
'Xfiles
tune 0, 6,($24,$2B,$29,$2B,$02,$EB,$AC,$24,$2B,$29, $2B,$04,$EB,$AC,$07,$06,$04,$02,$04,$EB,$AC,$07, $06,$04,$02,$06,$EB,$AC,$24,$2B,$29,$2B,$02,$EB, $AC,$24,$2B,$29,$2B,$04,$EB,$AC,$04,$EB)
Until you remove the orange wire.
Now why would I want to do this when there is a perfectly fine "reset" command in the fine manual?
Well, some day I might want to be able to reset a Picaxe, using another Picaxe. Make sure to common your grounds Rik!