Well it's a bookmarklet to be honest, but it is an incredibly useful tool. I discovered it listening to This week in Tech at twit.tv.(Great Podcast by the Way) It is called SuperGenPass. It is a bookmarklet, which means that it is in your browsers bookmarks but instead of going to a web page, it performs an action.
This bookmarket allows you to generate random passwords using a word or phrase. Basically what you do is you choose a Master Password. Now when you visit a site you want to log into, you input your Master Password into the password field and click on the bookmarklet and it generates a random password. Now the great thing about this is that it allows you to use the same Master Password for all websites, but when it generates the random password it uses the domain you are at. In my blog's case it would use connermccall.com as part of the password creation process. Using a random test phrase as my master password, this bookmarklet generated this password 'zTew5ZoSsfjU'.
This means that you only need to remember your master password, but you can use original and secure passwords at all of your sites, and since it's a bookmarket, as long as you have access to your browser or the web, you can always recreate your passwords. This is a great way to increase your safety and security on the Internet, without causing much inconvienence, which really should be the point of all security software.