An article that I stumbled upon here in SO provided links to other articles which in turn provided links to even more articles etc.
And in the end I was left complet
In truth it depends on what the passwords are for. You should take storing any password with care, but sometimes much greater care is needed than others. As a general rule all passwords should be hashed and each password should have a unique salt.
Really, salts don't need to be that complex, even small ones can cause a real nightmare for crackers trying to gain entry into the system. They are added to a password to prevent the use of Rainbow tables to hack multiple account's passwords. I wouldn't add a single letter of the alphabet to a password and call it a salt, but you don't need to make it a unique guid which is encrypted somewhere else in the database either.
One other thing concerning salts. The key to making a password + salt work when hashing is the complexity of the combination of the two. If you have a 12 character password and add a 1 character salt to it, the salt doesn't do much, but cracking the password is still a monumental feat. The reverse is also true.