Passwords

I am creating a script for my website that allows a user to create an account and log on to use certain features of the site, I'd like the script to also register the user for the vb at my site. I have almost everything working, the only problem is I don't know how to store the password, I tried using md5($password), however that seems to be only part of how its stored in the vb database, anyone had experience with this?

Thanks in advance!