Imagine this Python code (I'm using SHA1 iterated multiple times, basically PBKDF2):
import hashlib
hashed = password
for i in range(50000):
hashed = hashlib.sha1(salt + hashed)
Provided we also store the number of iterations (along with the salt), and provided I didn't do anything stupid above, we could simply add more iterations after these 5 years and update hash and number of iterations field. Would it be a viable solution?