Here's a class I put together for one of our current jobs. The code has come from various different sources so I probably can't take credit for most of it. The class contains two pronounceable password generators, the first one uses syllables/short words and the other uses consonants and vowels to make up the pronounceable words. Each generator can also contain numerical characters if required.
The passwords generated are nowhere near safe/secure and are best used for forgotten password links or account registation. Allowing the user to change the password on signing in.
Comments and suggestions please.
http://www.evolution-internet.com/CodeLibrary/PasswordGenerator/Pronounceable.txt