Built-in SQL Server Password Hashing
Not sure how many of you know about this already, but I sure didn't. My nice Russian DBA told me this trick this morning. Apparently there's a built-in SQL Server function called pwdencrypt. It is the function SQL uses internally to encrypt SQL Server users. Anyway, here's a little SQL script you can run in Query Analyzer to see how it works.
select pwdencrypt('apassword')
select pwdcompare('apassword',pwdencrypt('apassword'))
Note - I do not condone the safety or security of this technique. I just found out about it today and thought it was nifty. Feel free to educate your peers in the comments of this post if, for some reason, you know this to be a bad idea.