Hold elevation knob firmly and insert slot screw driver into windage knob lock collar. Turn collar 1/2 turn, then try normal adjustment of sights.
If this procedure fails to produce movement in the sights, my guess is the pinion shaft threads have been stripped and siezed.
Sights that have been siezed like this can be exceptionally difficult to remove for replacement.
To remove, windage must adjusted all the way to the left, then the lock collar can be loosened while holding windage knob itself from turning as you loosen the center collar.
Once loosened fully the windage knob should pull free with a few turns of the knob to the rear.
If the windage knob will not release, or if it was difficult to turn the center collar, the pinion shaft has been stripped by the collars lock ring.
Gentle use of a flat blade screw driver may be needed between receiver ear and windage knob to manipulate the knob as you turn it. This should be done with extreme care as you do not want to bend, crack or damage the windage ear of the receiver
Replace rear sight with an M1Garand, sprinfield or genuine m14 rear sight
In many case one would only need to replace the elevation knob and pinion assembly and the windage knob.
Parts can be aquired through CGN EE , Ebay and BrownellsUSA.