I have passwords for members on a site encrypted using MD5 and stored in the database. I want to implement a lost password functionality where the user will be emailed their
The point of using a one-way hash is to prevent exactly what you are trying to do. If you can read the plaintext password, then anyone who gets a hold of your database can too. Hint: what do you do with old backup media? Throw them in the trash? Criminals have been known to dumpster-dive for backups.
Instead of sending the user's password back to them, set up a system so they can reset their password. Read up on some articles about this before implementing it.