This excellent tool lets you use a single password at your end but achieve the safety of generating a unique and robust password at each site.
The "Download Now" link above will take you to the utility's download page, where you can choose a version for Firefox or Internet Explorer (6 or 7).
Once installed, use Password Hash by hitting the F2 key in a password field before you type your password. Then, when you submit the password, Password Hash will run what you typed through an algorithm and convert it to a unique, strong password.
Web sites only see what Password Hash sends, and won't have any record of what you actually type. So you can remember just one password and yet have unique passwords at every site where you use the utility.
Version 1.6 for Mozilla Firefox: Installer
Version 0.6 (beta) for Internet Explorer 7: Installer
Version 0.5 (beta) for Internet Explorer 6: Installer