password are stored in different locations depending on the program.
Windows Network Passwords (XP/Vista/2003): When you connect to the file system of another computer on your network (something like \\MyComp\MyFolder), Windows allows you to save the password. If you choose to save the password, the encrypted password is stored in a credential file.
The credential file is stored in the following locations:
Windows XP/2003: [Windows Profile]\Application Data\Microsoft\Credentials\[User SID]\Credentials and [Windows Profile]\Local Settings\Application Data\Microsoft\Credentials\[User SID]\Credentials
Windows Vista: [Windows Profile]\AppData\Roaming\Microsoft\Credentials\[Random ID] and [Windows Profile]\AppData\Local\Microsoft\Credentials\[Random ID]
Internet Explorer 7.00 - 8.00: The new versions of Internet Explorer stores the passwords in 2 different locations. AutoComplete passwords are stored in the Registry under HKEY_CURRENT_USER\Software\Microsoft\Internet Explorer\IntelliForms\Storage2. HTTP Authentication passwords are stored in the Credentials file under Documents and Settings\Application Data\Microsoft\Credentials , together with login passwords of LAN computers and other passwords.
Firefox: The passwords are stored in one of the following filenames: signons.txt, signons2.txt, and signons3.txt (depends on Firefox version) These password files are located inside the profile folder of Firefox, in [Windows Profile]\Application Data\Mozilla\Firefox\Profiles\[Profile Name] Also, key3.db, located in the same folder, is used for encryption/decription of the passwords.
Google Chrome Web browser: The passwords are stored in [Windows Profile]\Local Settings\Application Data\Google\Chrome\User Data\Default\Web Data (This filename is SQLite database which contains encrypted passwords and other stuff)
Opera: The passwords are stored in wand.dat filename, located under [Windows Profile]\Application Data\Opera\Opera\profile
Outlook Express (All Versions): The POP3/SMTP/IMAP passwords Outlook Express are also stored in the Protected Storage, like the passwords of old versions of Internet Explorer.
Outlook 98/2000: Old versions of Outlook stored the POP3/SMTP/IMAP passwords in the Protected Storage, like the passwords of old versions of Internet Explorer.
Outlook 2002-2008: All new versions of Outlook store the passwords in the same Registry key of the account settings. The accounts are stored in the Registry under HKEY_CURRENT_USER\Software\Microsoft\Windows NT\CurrentVersion\Windows Messaging Subsystem\Profiles\[Profile Name]\9375CFF0413111d3B88A00104B2A6676\[Account Index] If you use Outlook to connect an account on Exchange server, the password is stored in the Credentials file, together with login passwords of LAN computers.
Windows Live Mail: All account settings, including the encrypted passwords, are stored in [Windows Profile]\Local Settings\Application Data\Microsoft\Windows Live Mail\[Account Name] The account filename is an xml file with .oeaccount extension.
google the specefic pprogram to see where it stores its password
EDIT
@ Jonathan, where do you think the passwords are stored if you tell the web browser to remember the password ?
The is plenty of software to read and decrypt these passwords
google "where does windows store passwords"
I have recovered many, many passwords from the locations i have mentioned