It's always shocking to me how many people just assume that a login/password system should store everything in plain text. This was a pretty good explanation of the right way to hash.
One problem though with this guide, some experts think it makes sense to add some extra computation to make it a little bit more difficult to compute the hash, for example creating a hash loop which rehashes 10,000 times or something similar.
In the past, I've found the following php tutorial really well written, and comprehensive:
http://forums.devshed.com/php-faqs-and-stickies-167/how-to-p...