Am I supposed to store hashes for passwords?

Programmer Question

User System and Passwords: I was looking through MD5 stuff, and I am wondering what is the normal/good practice for passwords. Right now, I think people super encrypt the passwords and store the hashes. If so, how does password checking work? I just have the input password go through the encryption process again and then check the hash with the stored one, correct?

This question may contradict the above, but should my salt ever be a randomly generated value? If so, when may it be useful?

Edit: Other than passwords, in a user system, what else should be encrypted as a good practice? Do they encrypt usernames or anything else?

2nd Edit: What is a one-way hash? I mean, technically, can I not reverse engineer my source code? Maybe this is a bad question because I do not know much about one-way hashing.

Find the answer here