Streamlining the lost password process

[doubleclick]

I just created instructions for users on how to reset their password. I knew it was a bit involved, but was rather surprised when I saw how many steps were involved. Here are the instructions:

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1. If you try to login with the wrong password, you're given an error screen, with a link to reset your password. You can also see this link at top right of the screen. Click the link
2. You're taken to a screen that asks for your email address. Type it in, then click the "Request Username/Password now" button.
3. You'll get a confirmation screen. Now go check your email.
4. Open the email, and click the first link. This will take you to a new page, which will send you a second email.
5. Check your email. Your new password will be there, along with a link to click. Click it.
6. You are taken to another screen. Enter your username and new password and click the "Login" button.
7. You are then taken to a screen that will let you change your password from the gibberish you were just sent to something that makes sense to you. Enter the one you just got into the first box, and enter the one you want to use from now on in the next TWO boxes. Then click "Save Changes"

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Holy Cow.

I have many users who have either little experience in forums, or little time to fool around, and was hoping that there was a way to reduce the clicks and keystrokes to get a lost password taken care of.

I read an old thread on vb.com about this, but nothing has happened since then. What about this:

1. First, only one email is sent out with the new system-reset password included.
2. Then, the link directs the straight to the change password page, where they enter the system-set password, as well as the new password that they want to use.

That would sure get things done faster, and I think with less frustration to the user.

What do you think? Is this feasible?