This thread has become more involved than I originally intended, but it has increased my understanding of hashing and passwords. I have a few ideas now on how I want to improve security on my site. Namely I'll be creating my own hash that is a variant of one of the currently used hashes out there, keep using ip addresses as I have been, stop storing hashed passwords in cookies, and one or two other things that would be best left unmentioned.
EDIT: Just saw your post, traq, and am currently reading it.
EDIT: With crypt() the value is always different.
Now refresh the page a few times.