Ok, get a free MD5 component from here:
When the user registers, do an MD5 checksum on the password they selected (or you provided from them). Example:
Dim objMD5, strMD5
Set objMD5 = Server.CreateObject("XStandard.MD5"

strMD5 = objMD5.GetCheckSumFromString("The Password"
The MD5 looks something like this:
e447f552ceeb71337f4a3b6f0421d4b8
It's a 32 character string and is like a fingerprint of the password. There is no way to figure out what the password is based solely on the MD5.
Save the MD5 into the database instead of the password. When the user logs in, they enter their password, you do an MD5 checkum on what they typed in, and compare it with what is stored in the database. If the two MD5's match, then the user entered the correct password.
Keep in mind that MD5 checksum is case-sensitive. If you want to make passwords case insensitive, lowercase them before you do the MD5.
Hope this helps.