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Nope, one way only. If you used something like mcrypt() it could be reversed.
Although it's no problem. As redhead said, just create a way to reset. The typical route is to create a unique key (md5 helps with this), store it somewhere on the site then email them with this key. (or a url containing the key) From there they click on the link (or enter it in a form if you wish) and the system validates the key, resets the password and emails the new one to them.
-r
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