Ok thankyou for clearing that up for me. Once this is changed, do I view the stored passwords by downloading the mysql from my host and reading it using a mysql reader?

Why would you want to view their passwords? This makes no sense at all. You are basically opening your entire site to hackers and sending hundreds of pathways to do it open over the net in an e-mail.

If you want to log in to their accounts there are hacks for this, but why do you need to know their passwords?

Like I said, I want to do something similar to desizsports.

Could some please tell me where and how to view members profiles once the could has been implemented

Based on this:
I think most people will be reluctant to help you.

What is this? Provide some information about this thing for people who don't know what it is, you may find you get more help this way.

I would recommend that you send the encrypted password or send another password (make a custom profile field so the user can choose a different password to the current vBulletin one) and/or modify the other script to work of this password.

How would I go about adding a new column and targeting it to catch the variable via phpmyadmin?

You would need to write a plugin or script to handle that.