Thanks to all of you for the responses. 

apart from this password I will be storing some other
things too(they too are passwords but for some other
things in the application). I cant use one way hash as
I cant use them further. what mechanism should I
follow in this case?

Also, for the login case should I bother about
encryption in the login form? Can I just use
<input type="password"/> and rely on the brower?
What are the pros and cons for this? If you see yahoo
login, they generate md5 using javascript on the
client side itself - is this really necessary?


Thanks again.
rf



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