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The valet key should start and run the car, however it should deny access to the trunk and glove box. You can get a new key cut at the dealership with proof of ownership and the last 9 characters of the vin.
The hydraulic system that operates your brakes will not work if any air has gotten into it. Check your resevoir , if it is still full , then I would guess that the brake Master Cylinder is worn out.
The system can be refilled , and the air bled out of all the lines , however , if there is a leak in the system or the master cylinder is bad your problem will not be solved.
If you lost the only key you had, then go to the Lexus dealer. You have to show them a picture ID, and the car ownership (TITLE). Is going to cost you, so it is a good idea to call them upfront. Another option is buying a key blank transponder chip on line at: http://www.autotransponder.com/2003_lexus_lx470_key_blank_transponder_chip_2
2003 LEXUS LX470 Key blank (Transponder Key) must be cut and programmed before it will work for your vehicle. Cutting and programming can be performed at an automotive locksmith shop or your local dealership. There are no onboard programming instructions available for 2003 LEXUS LX470 chip key. Only a professional with special tools can make it work for your vehicle. Or at: https://www.ikeyless.com/vehicles/Lexus/LX-470/2003
Your black ended driver key should open the glove box. The valet key is not made to open it, thats the safty feature in it. There is no overide for the Valet settings, you have to unlock the glove box with Driver (master or black) key and turn the Valet switch off. Also the Valet switch does not engage the glove box lock so over riding the Valet security wouldnt open it even if you could over ride. If the Valet key would unlock it or was easy to overide then it wouldnt be a very good safety feature. Best of luck, hope you can get it opened.