PasswordMaker is a clever solution to the problem of managing passwords. Instead of storing passwords for each web site, you use their software to generate a unique password for each site. The idea is quite simple: use a master password and a one-way hash function to turn the URL of a site into the password for that site. For each site, this generates the same password each time. Each site has a different password, but you only have one password to remember.
You don’t have to use the URL. You can come up with any string you want to identify a context where you need a password. But the URL is a natural choice.
The software comes in many variations: browser-based, command line, etc.