Oscar Merida has a recent post to his blog about using the bcrypt functionality to more securely store the password information for your application's users.
The linkedin password breach highlighted once again the risks associated with storing user passwords. I hope you are not still storing passwords in the clear and are using a one-way salted hash before storing them. But, the algorithm you choose to use is also important. [...] The choice, at the moment, seems to come down to SHA512 versus Bcrypt encryption.
[...] I wanted to switch one of my personal apps to use bcrypt, which on php means using Blowfish encryption via the crypt() function. There's no shortage of classes and examples for using bcrypts to hash a string. But I didn't find anything that outlined how to setup a database table to store usernames and passwords, salt and store passwords, and then verify a login request.
He shows you how to set up a simple "users" table and the code for a "save_user" method that takes in the username/password and generates a salt and calls crypt on it with the Blowfish prefix on the string ($2a$). His login check function ("validate_user") then takes the user's input, does the same hashing and checks the result.